Chrysalis reports uptick after Jackson death
U.K. music group issues its third-quarter statementLONDON -- U.K. music group Chrysalis has reported that its publishing arm has benefited from the increased sales for Michael Jackson following his death.
Chrysalis issued a Q3 (April 10-June 30) interim management statement Friday that said the company performance was in line with the board's expectations and that operating profit was up on the comparative period. It did not disclose the amount of profit.
The publishing business benefited from the boost to Jackson's sales due to copyrights it represents for Chrysalis' writer Rod Temperton for songs including "Thriller," "Rock With You" and "Off the Wall."
The company said the second half of the financial year started well with decent chart performances from its writers including Gossip, the Horrors and Bat for Lashes. The net publisher's share (NPS) -- a revenue measure for the amount of royalties received minus those royalties due to performers or writers -- was up 9.9% for the nine-month period, but down 2.7% for Q3. NPS was down 3.8% for the nine months on a constant currency basis.
New releases from Chrysalis Music Publishing acts in Q4 include albums by Brendan Benson, Nerina Pallot, Athlete and the Cribs. Chrysalis writer Fraser T. Smith co-wrote both of rapper Tinchy Stryder's chart toppers, "Number One" and "Never Leave You," which will appear on Stryder's album "Catch 22" (Island) on Monday.
Chrysalis said it also has "great hopes" for the digitally re-mastered Beatles albums and the "Rock Band" game, as it holds certain George Martin producer master rights.
"Chrysalis continues to see the benefits of its A&R decisions and successful rights management activities coming through," said a company statement. "While the macro-economic environment remains uncertain and exchange rates continue to impact performance, the last quarter of the financial year is typically the strongest and we are cautiously optimistic that we will achieve year-on-year consolidated NPS growth in 2009 on a constant currency basis."
Chrysalis has a catalog of 65,000 copyrights and acquired the Richard Marx catalog in June.