Music group predicts album boost

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Music group Chrysalis said an album from rapper Kanye West should boost business

Music group Chrysalis has predicted albums from US rapper Kanye West and British singer Adele should boost business in the current financial year.

The company, whose back catalogue includes tracks by David Bowie and Michael Jackson, said its “encouraging” release schedule made prospects for 2011 “very exciting”.

British singer-songwriter Rumer, rapper-turned-soul singer Cee Lo Green and popstar Justin Timberlake all feature on a line-up set to boost revenues, the company said.

Chrysalis, which recently agreed its sale to German group BMG for £107.4 million, narrowed pre-tax losses from £3.8 million to £3.7 million in the year to September 30, while overall group revenues rose 10% to £69.8 million.

Chrysalis was founded in 1969 and now operates in the areas of music publishing, music recording, artist management and entertainment product distribution.

Chris Wright, founder and current chairman of Chrysalis, said he had been full of “conflicting emotions” since the takeover deal with BMG was announced last month.

He said: “Over the past four decades, we have succeeded in creating a vibrant business, with a leading position within the independent music publishing industry.”

Revenues were driven by new wave rockers Blondie, Canadian crooner Paul Anka and American singer-songwriter Richard Marx, Chrysalis said.

The company, which has a 70,000-strong catalogue of music copyrights, also benefited from a number one album by Australian band Pendulum and the use of work by two of its writers in Kylie Minogue’s latest album.

Chief executive Jeremy Lascelles said he was proud to be able to hand over ownership of the business in such “rude health”.

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