XL Misses Adele - Pollstar News

Without the huge sales generated by Adele’s 21 album, XL Recordings saw its annual revenues drop 30 percent to £78.6 million and pre-tax profits fall from £41.7 million to £25.4 million.

Photo: AP Photo

Brit Awards, The O2, London, UK

The company said Adele’s album, which was released in 2011 and topped the chart in more than 30 countries, still accounted for a “significant proportion” of its income.

With Adele not likely to release another album until 2014, XL is working on creating more hits to secure the company’s future.

XL also noted that the record industry grew overall for the first time last year driven by legal streaming and downloading services.

It said it had reorganised its internal operations to manage digital revenue streams and would be able to “smoothly” navigate the new market.