Independent company Domino Music Group saw an 11% rise in its revenues last year to £24.08m ($31m).
Within that figure, recorded music revenues grew by 0.5% to £16.97m ($21.9m), while publishing sales jumped by 45.4% to £7.11m ($9.2m).
Operating profit at Domino Music Group Ltd rose 0.85% to £1.77m ($2.3m) in 2017, while net profit stood at £1.59m ($2m), up 20.3% year-on-year.
This growth will have been all-the-more welcomed by Domino for the fact that it considered 2017 something of a quiet 12 months.
Its 2017 annual report, as filed on UK Companies House, reads: “2017 saw a continued shift towards streaming and away from physical formats, although the physical sales decline was mitigated by the continued strength of vinyl sales.
“There were no major artist releases in 2017. Publishing income has increased significantly. All income streams improved in the year… again, this was mainly due to an increase in income from streaming services.”
The company’s biggest recording artist, Arctic Monkeys, returned last month with the release of their sixth studio album, Tranquility Base Hotel & Casino.
Domino released 36 albums in 2017, up very slightly on the 35 released in 2016.
The number of songs in its catalogue grew from 59,000 to 60,000 in the period.
Some £13.8m ($17.8m) of the firm’s 2017 turnover was derived from UK sales, while £10.1m ($13m) came in the USA, where London-based Domino has a New York office.
According to a 2016 filing with Companies house, Domino is 95% owned by its founder, Laurence Bell, with 5% of the company owned by Harry Martin.Music Business Worldwide