The severe impact of Covid-19 on the global live music industry caused the profits of Glen Hansard’s entertainment company to plummet last year.
According to new accounts, the Oscar-winning singer-songwriter’s Plateau Records Ltd posted an after-tax profit of â¬ 25,895 in the 12 months ended at the end of last November.
This represents a decrease of 70% from the profit of 93,409 â¬ the previous year.
At the end of last November, the company was sitting on a cumulative profit of 1.328 million euros.
Accounts show the artist – who left school at the age of 13 to go play on Grafton Street in Dublin – shared directors’ pay of â¬ 203,853 last year, including pension contributions of â¬ 8,000.
This represented a 28.5% drop in directors’ compensation of â¬ 285,000, which included pension contributions of â¬ 24,000 for 2019.
Last year, the company’s cash flow increased slightly from â¬ 896,685 to â¬ 904,378.
Like all performers in the live music industry, Hansard has seen its income from live performances decimated since March of last year with the start of the Covid-19 pandemic here.
The year under review covers the first nine months of the pandemic where Covid caused the shutdown of the live music industry.
According to the singer-songwriter’s website, Hansard is expected to join former colleagues at The Frames for a number of dates in the United States in September. The Northsider first rose to prominence with The Frames over 25 years ago.
Hansard sits on the Board of Directors of Plateau Records Ltd with Claire Leadbitter.
The company’s assets consist of tangible assets with a book value of â¬ 352,646 and financial assets of â¬ 100,000, as well as current assets made up of cash and debtors for â¬ 27,167.
Hansard performed on Grafton Street for five years as a teenager and in a press interview the singer said of his time playing on Grafton Street “it was the only education I have had. never needed “.
A native of Ballymun, Hansard achieved worldwide fame in 2008 when he and his girlfriend, Marketa Orgliva, won an Oscar for the worldwide hit “Falling Slowly” in the film Once.
The musical, written by Dubliner, John Carney has since performed on Broadway in the West End and won eight Tony Awards.