London-based music company All Things Considered (ATC) Group has reported revenues of £24.1 million (€28.3m) for 2023.
The total, revealed in ATC’s newly released financial results, represents a year-on-year increase of 156% on 2022’s £9.4m, fuelled by a £16.2m contribution from its “transformative” acquisition of merchandise firm Sandbag in July last year.
ATC’s divisions include booking agency ATC Live, ATC Management, ATC Services, ATC Experience and livestreaming company Driift. Its artist representation segment was up slightly from £6.57m in 2022 to £6.65m in 2023.
ATC Live, which operates a strategic partnership with Arrival Artists in North America, saw a 4% decline in revenue during 2023, “with a small number of key clients between touring cycles”. Its roster includes acts such as Nick Cave and the Bad Seeds, Fontaines D.C., PJ Harvey and Jungle.
“ATC Live’s relationship with Arrival Artists in North America continues to bear fruit as the combined offer of ‘global live representation’ assists in winning new clients,” says ATC Group CEO Adam Driscoll. “A number of ATC Live’s key clients are active in touring during 2024. Given the lead times involved in touring, ATC Live has already contracted 90% of its financial forecast for 2024 so we are encouraged about the likely financial outturn for the business for this year. One of the key clients, Fontaines D.C., for example, has recently announced a tour which has generated substantial ticket sales far in excess of the previous touring cycle.
“In an indication of the breadth of artists that are being attracted to ATC Live’s roster, two recent signings include legendary classic band Devo alongside brand new artist Good Neighbours, whose first single release has, with the aid of TikTok fan interaction, already delivered over 175 million Spotify plays.”
“This position will be reversed in 2024 with bigger clients out on the road again and a strengthened roster as a result of recruiting new agents and clients”
The division, which is said to be now ranked as the seventh largest agency globally, generated £2.14m of revenue in 2023, compared to £2.22m in 2022.
“This position will be reversed in 2024 with bigger clients out on the road again and a strengthened roster as a result of recruiting new agents and clients in 2023,” says the filing. “ATC Live is forecasting materially increased turnover for 2024 and has already contracted nearly 90% of its budgeted figure so we remain confident about the continuing pattern of growth for the business.”
ATC Group, which also has offices in New York and Los Angeles, declared a loss before tax of £3.04m for the year “substantially impacted by share of results of Driift, a minority interest, as expected”. Its operating EBITDA showed a loss of £0.46m (2022: Operating EBITDA loss of £0.10 million before profit of £0.83m from one-off services transaction), “reflecting continued investment in managers and agents”.
ATC Management’s recent acquisition of a 55% stake in Raw Power Management cost £1.41m, according to the filing, while it also acquired 50% of Mckeown Asset Management in February 2024, extending its revenue streams into festival management, live music promotion and venue assets. ATC raised £2.3m through a share subscription earlier this year.
“The material developments realised in 2023 following a period of strategic investment have substantially enhanced the Group’s position to capitalise on the multiple revenue opportunities within the disrupted and growing global music industry,” says Driscoll. “The value in the music market lies with the artists and the way in which they engage directly with their fanbases. We have put together a collection of assets that sit at the heart of that strategic shift.
“Following this year of consolidation, we believe we have the right building blocks in place, including a larger, more diversified client base, a broader service offerings and a robust financial position. This, together with positive trading momentum into 2024, leaves us excited about the remainder of the year and the opportunities that lie beyond.”
“I am delighted that we are in business with Modern Sky”
Yesterday (23 May), ATC Group announced a new cooperation agreement with leading Chinese independent music company Modern Sky. The deal seeks to expand the global presence of the Modern Sky brand and its talent and events portfolio worldwide, with the initial focus being on the UK market.
“I am delighted that we are in business with Modern Sky,” adds Driscoll. “As one of China’s leading independent music companies, they offer a significant opportunity for ATC to expand its reach into a growing market for the benefit of our clients. And we are excited to work with the team in Beijing to bring Modern Sky events and talent into the markets in which we operate.”
Modern Sky will help to cultivate the growth of artists from the ATC talent roster in China, with the companies to leverage their mutual resources across management, live representation, merchandising, marketing and digital, to drive artists’ business forward in their respective markets.
“I am very much looking forward to cooperating with ATC Group,” says Modern Sky founder and CEO Shen Lihui. “I hope that through this cooperation, we can open up the connection between the two markets and jointly provide more complete services and more development for talented artists around the world.”
ATC listed on the Aquis Growth Market in London in December 2021 after raising £4.15 million in its initial public offer.
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