Simon Cowell is a very, very wealthy man. I am sure that is not a surprise to anyone who reads TV Rage. But how his company earned its money in in 2011-2012 might surprise you, a bit.
Syco Entertainment, the joint venture with Cowell and Sony Entertainment, has revealed their pre-tax earnings for TV productions they offer and the numbers are through the roof - more than double what they were the previous year.
Profits rose 138 percent to $53 million (£32.6 million), due primarily to the launch of 'X Factor' in the United States (these numbers are for the fiscal year from April 2011 through March 2012).
Revenue nearly doubled as well, rising to $88 million (£54.6 million), as American revenue rose from $5 million (£3.2 million) to $37 million (£22.9 million). These numbers equal out to 42 percent of Syco's total revenue, which was only nearly 11 percent of their profit in the previous fiscal year. I guess there is money to be made in the states.
The company formed in 2010 as Cowell received a stake in programing from Sony. This was a sore spot for Simon after he had to give over the rights to Simon Fuller for 'American Idol,' as Fuller sued for a copyright infringement against Cowell.