Chrysalis Records has today (October 4) revealed major growth since the label came back into independent ownership. The label was acquired just over two years ago as part of the Warner Music divestment by Blue Raincoat Music.
According to its latest Q2 figures, Chrysalis has reported a turnover topping £3.675m for the year to June 2018. The label’s performance in the nine months prior to the June 2016 sale constituted a turnover of £205,000 with around 250,000 streams per day. Since the Blue Raincoat acquisition, Chrysalis streams are currently hitting the 1 million per day mark – a 100% year-on-year rise across two years that outstrips market performance by over three to one.
Speaking about the growth, Jeremy Lascelles, CEO Blue Raincoat Music and Chrysalis Records said: “From day one, we set out to create an integrated music company, combining a high quality catalogue with the contemporary acts we manage or sign to our publishing arm. This model is reflected in the success we are now having across such a diverse array of talent."
He continues: "When we acquired Chrysalis Records, it had had three different owners over the previous five years, so perhaps had been slightly neglected. We knew that it would require a lot of love and attention to get it into shape. It’s therefore very pleasing that the hard work is now really starting to pay off which is a tribute to all the team here at Blue Raincoat.”
Artists on the Chrysalis roster include The Specials, Sinead O’Connor, The Waterboys, Ten Years After, Grant Lee Buffalo, Lucinda Williams, Fun Lovin’ Criminals, Steve Harley, Fun Boy Three, Ultravox and the Two Tone label.
In May, Lascelles told Music Week that Blue Raincoat has “global” ambitions for its revival of dance music imprint Cooltempo.
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