Sting ’s pop music company Steerpike made £184,000 a day in profits last year.
It has revealed £67.2million in pre-tax profits on turnover of £82.9m.
Its earnings, run-up in the year ended 31 December 2021, are reported in new accounts sent to Companies House.
The financial statements also report £30,280,000 in dividends – largely paid out to Sting, reported in accounts as the ‘ultimate controlling party’.
The reason for such huge profits appears to be that the 2021 accounts included income from the sale of Sting’s back-catalogue of hits, which was reported earlier this year as having been sold to Universal. They include Every Breath You Take, Roxanne and Fields of Gold.
The strategic review of his finances states: “During the year the Group sold the rights to its music catalogue to Songs of Universal.”
It warns future profits mat dip as a result stating: “This has the effect of reducing future income from royalties.”
It’s the second year running in which Steerpike has netted tens of millions for Sting, who is estimated to be worth over £200m.
2020 accounts reported turnover at £106.2m, and a £24.7m pre-tax profit; as well as a £70,876,446 salary payable to Sting.
Over the two years the company has made over £100m with other profits from ‘wine, food production and food distribution.’
Earlier this year it was reported that Sting had sold his music catalogue – including hits he made with The Police and as a solo artist. He joined a chorus of stars including Bob Dylan and Tina Turner who are cashing in with investors who see value in licensing their songs.
In February Sting, real name Gordon Sumner, also complained that he had been “cursed” by music and now prefers to be in “silence”.
The 71-year-old says he likes to have “a rest” from songs when he isn’t recording new tracks.
When asked if he is still as obsessive with music now as he used to be, he said: “No, I don’t think I am. There’s enough music going on in my head and during the day recording that I actually want to give myself a rest from it.
“In some ways there’s a curse attached to it, because everything you hear you are forced to analyse rather than enjoy. If I’m in a restaurant and there’s music playing my brain is attuned to the music more than it is the conversation.
So, I’ll just wander off in my head going, ‘Oh, that’s a flatted fifth. What’s that chord? A diminished chord.’ So I’ll lose the thread of the conversation. But people are used to me by now.
“As far as possible I like to be in silence. I think, for me, silence is the perfect music. All that musicians do is create a frame around that perfection. It’s a very pretty frame, but the perfection of a second of silence is something I value.”
The Police star and his wife Trudie Styler moved to a 16th century manor, Lake House, in Wiltshire in 1990, and he has penned a number of his hits, including 1993 tune Fields of Gold, in the abode.
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