Exclusive:
Queen's latest accounts have revealed the band - who continue to tour the globe - are absolutely raking it in and have taken home millions of pounds over the past year
Queen released The Show Must Go On six weeks before the death of Freddie Mercury - and money earned by the band over the last two years proves the show most certainly has.
Surviving members Brian May, Roger Taylor and John Deacon Queen raked in £89million in 2021 and 2022, and they paid themselves £30m from their company Queen Productions Ltd. The dividend in 2022 was £12,906,351 and in 2021 it was £17,066,000 - with the amount split between them as directors.
The latest annual accounts revealed that in 2022 the band made a profit before tax of £22.2m, up from £16.8m in the previous year. A report attached to the books up to September 30, 2022 stated: “During the year turnover increased by £1,700,486, which led to an increase in profit before tax.
“This can be attributed in part to the success of the We Will Rock You theatre production UK tour as well as an increase in licence fees on live music touring.” The net profit margin for the year rose by 11%, as the increase in turnover coincided with a decrease in royalties payable.
And, according to the report, all signs point to the money continuing to roll in for the foreseeable future. It noted: “Given the success of [the film] Bohemian Rhapsody and We Will Rock You in recent years, it is anticipated the company will generate similar income in the year ended September 30 2023 and in the years thereafter.”
Turnover for 2022 was £49,893,655 and for 2021 it was £39,193,189. Original lead singer Freddie Mercury died aged 45 in 1991 from complications arising from AIDS and it is not clear how much his estate benefits from Queen's profits.
In separate accounts, Mercury Songs Ltd has pulled in £5m in the past two years and has cash left in its company account of £2m. Meanwhile, the group could be in for an even bigger payday. May, Taylor and Deacon are in advanced talks to flog their back catalogue to Disney. Music insiders say the archive is worth £1billion.
Founded in 1970, Queen have six UK number ones, 26 top ten hits, and ten number ten albums, featuring bangers such as Radio Ga Ga and Under Pressure.
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