The company of X Factor Simon Cowell has reportedly suffered almost third time cut in sales after encountering £11million fall in profits.
X Factor Simon Cowell company’s Profits fell from £33.7million to £22.7million in the year to March 31, according to accounts.
57- year-old X Factor Simon Cowell company witnessed audience figures for his ITV show the ‘X Factor’ fall by 10million since 2010 to their lowest ever levels.
According to reports, X Factor 2016 final was watched by just 7million viewers, not even up to Strictly Come Dancing’s semi-final on BBC1, which raked in about 12million viewers.
In all, Simon Cowell X Factor turnover for Cowell’s company, including Britain’s Got Talent, fell 14.9 percent from £47million to £40million.
The X Factor boss Falling record sales were blamed for the nosedive in takings for Simco, a banner company that includes his music and TV businesses
However, Just two years ago, the X Factor Simon Cowell company raked in almost £60million.
Reports have it that “Turnover for the UK – which is largely drawn from licensing artists from X Factor Simon Cowell’s company- Syco label as well as from the TV shows – took the biggest hit, tumbling 28 per cent from £25.7million to £18.4million. This year Syco released fewer records, and income from royalties fell 65 per cent to £3.5million.
“But revenues from the rest of the world – with versions of The X Factor made in 53 countries – rose 15.3 per cent to £14.3million.
“Despite falling audience figures in the UK, X Factor Simon Cowell, who is worth an estimated £340million, has signed a deal with ITV to produce The X Factor, as well as Britain’s Got Talent, for the next three years”.
But a Syco spokesman revealed that the fall in takings was due to ‘slippage in record releases’ stressing that they released albums than planned, ‘Syco would never try to influence an artist to rush material.’ he stated.