Classical music must face the facts - click bait pays
Above are the latest accounts for SlippedDisc Limited, which has Norman Lebrecht as a director*. These accounts show that the profit and loss account surplus** increased in fiscal 2020 to £203,719, an increase of 41% over the previous year***. To put that £203,719 trading surplus into context, the average salary for a Metropolitan Opera musician converted into sterling is £138,990, that of BBC Radio 3 Controller Alan Davey is £182,000, and Boris Johnson earns £161,401.
Let's be clear at this point: the filed accounts fully comply with the requirements of Companies House and are in the public domain, and Norman runs a legitimate business. This post is not being driven by malice or sour grapes. On An Overgrown Path has never had commercial aspirations: I was well rewarded during my career in the music industry and I am very fortunate to have adequate pension provisions. This post is driven, like so many on my blog, by context and facts.
Regular readers know that, to put it mildly, I don't like Norman's style of journalism. But I have to grudgingly admire what he has achieved. He has gained the support of virtually every classical music institution, he has built a large audience for Slipped Disc, and his eponymous company has achieved financial security. The key strategic goals of every classical music institution are to build a large audience and achieve financial security. So the obvious conclusion is that the Slipped Disc business model is the one which the classical music industry will emulate in the future to achieve its two overriding strategic goals. Am I the only person who finds that deeply depressing?
* Accounts were filed on Feb 19 2021 at Companies House. The nature of business of SlippedDisc Ltd is identified as 'Other publishing activities
** Profit and loss account surplus is defined as total assets less current liabilities.
** The main driver of the increased trading surplus is a large increase (+£107733) in debtors. A note in the accounts identifies almost all of the outstanding debtors as 'Amounts owed by group undertakings' - i.e.from connected companies. The filed accounts for the connected company Lebrecht Investments Ltd show a creditor figure of £111,816 identified as 'Amounts owed to other group undertakings'. Which is perfectly legitimate accounting practice. At Companies House the nature of business of Lebrecht Investments Ltd is stated as 'Activities of other holding companies not identified elsewhere'.
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