One Direction expected to get $100 million over next year
June 15, 2012
Source: MM Network
One Direction's current global success of being No.1 album in 16 countries and a No.1 DVD in 25 markets has got Sony Music's Nick Gatfield, Chairman and CEO UK to say that the boy band will get a US$ 100 million business over the next year.
"What you might not know about One Direction is that they already represent a $50 million business - and that's a figure we expect to double next year." Gatfield said about the Syco-signed band, before pointing to another positive impact the group has had on the domestic market.
"The team around them - which includes musicians, stylists, producers, tour managers and so on - account for around 90 people." he explained. "That's 90 jobs created by these five boys."
Speaking about Sony Music's business model and talent pool more generally, Gatfield added: "We continue to grow our investment in talent. We support an incredibly diverse range of artists across our label brands as well as cutting edge new talent. That really is where the lifeblood of our business is - in investing in the new talent that we hope to bring to market."