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Now Simon Cowell is hit by Netflix: Music mogul's entertainment firm sees profits drop despite boom for BGT

January 8, 2018 9:51 PM
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Profits at the entertainment company owned by Simon Cowell slipped last year despite a boom for Britain’s Got Talent.

The music mogul’s firm Simco said that lower income from its overseas business had caused its profits to drop from £18.1million to £17.1million in the year to March 31 because of the rise in streaming services such as Netflix and Spotify.

Simco is behind X Factor, Britain’s Got Talent and its international spin-offs.

X Factor is aired in 169 countries while Britain’s Got Talent holds the record for the TV show with most spin-offs at 69.

Simco said changes in audience behaviour was one of its biggest challenges, as more viewers use streaming sites and move away from traditional broadcasters.

It pointed to similar risks in the music industry, with fewer buying music outright and instead listening through subscription services like Spotify.

Also read: Netflix adds more subscribers than thought


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