Music mogul Simon Cowell ‘did not give himself a salary in 2022’

Music mogul Simon Cowell ‘did not give himself a salary in 2022 after drop in profits at his company Syco’ – after axing staff and downsizing empire

Music mogul Simon Cowell reportedly did not give himself a salary in 2022 after a drop in profits at his company Syco.

The 63-year-old X Factor and BGT mastermind saw profits of Syco Holdings Ltd drop from £31.88 million in 2021 to £2.27 million, claims The Mirror.

It comes after last January Simon let go of ‘almost all his staff’ at Syco and significantly downsized the multimillion pound entertainment empire after almost 20 years.  

Change: Music mogul Simon Cowell reportedly did not give himself a salary in 2022 after a drop in profits at his company Syco 

However the publication reports that the company’s value still increased by £4million to £83.16million. 

In 2021, a dividend of £45.35m was paid out of the accounts proving that he could afford to go through the year without a salary.

A representative for Simon was contacted by MailOnline for comment. They declined to comment. 

Finances: The 63-year-old X Factor and BGT mastermind saw profits of Syco Holdings Ltd drop from £31.88 million in 2021 to £2.27 million, claims The Mirror  

It comes after last January it was reported that Simon was letting go of ‘almost all his staff’ at Syco and significantly downsizing the multimillion pound entertainment empire after almost 20 years. 

Insiders revealed Simon had begun downsizing the company: ‘Simon has reached a time in his life when he doesn’t want the stress of running a global empire and so has made the difficult decision to wind down Syco.’

A production source told MailOnline: ‘Everyone who has worked with him is just incredibly grateful for those opportunities and experiences and they understand the direction he wants to take things. Those that are leaving will be snapped up fast’. 

Decisions: It comes after last January Simon let go of 'almost all his staff' at Syco and significantly downsized the multimillion pound entertainment empire after almost 20 years

Decisions: It comes after last January Simon let go of ‘almost all his staff’ at Syco and significantly downsized the multimillion pound entertainment empire after almost 20 years 

Simon, who shares son Eric, eight, with his fiancée Lauren Silverman, has spoken in the past about his ‘ unhealthy addiction to work’ and needing to slow down, after breaking his back in a bike crash last year and falling down the stairs in 2017. 

Syco Entertainment is a media entertainment company, based in both London and Los Angeles, and founded and owned by Simon. 

Having previously centered on music, the company currently focuses on TV production.

Family: Simon, who shares son Eric, eight, with his fiancée Lauren Silverman, has spoken in the past about his ' unhealthy addiction to work'

Family: Simon, who shares son Eric, eight, with his fiancée Lauren Silverman, has spoken in the past about his ‘ unhealthy addiction to work’ 

The company owns The X Factor and Got Talent franchises while the music branch oversees a slew of talents founded on the respective shows. 

A source told The Sun: ‘Simon has reached a time in his life when he doesn’t want the stress of running a global empire and so has made the difficult decision to wind down Syco. Obviously everyone involved, including Simon, is very sad…

‘It really is the end of an era. Simon made this decision with a heavy heart but after much deliberation he had to do what is best for him and his family…’

Syco’s Biggest Names  

One Direction 

One of company’s biggest names was One Direction, who signed to the record company after coming third on the X-Factor in 2010. 

The group is comprised of Zayn Malik, Harry Styles, Liam Payne, Louis Tomlinson and Niall Horan – who have all since forged successful solo careers after their split in 2016. 

 

Little Mix 

Little Mix became the first group to win the X-Factor in 2011, and have since emerged as one of the show’s most successful acts.

The group have been named as one of the greatest girl groups of all time, the biggest girl group of the 2010s, and been described as ‘the biggest girl group in the world.’  

Band members include Perrie Edwards, Leigh-Anne Pinnock and Jade Thirlwall – with Jesy Nelson leaving in 2020.  

Camila Cabello 

Camila Cabello is a Cuban-born American singer and songwriter. She rose to prominence as a member of the girl group Fifth Harmony, formed on The X Factor in 2012.

 She has amassed billions of streams on music platforms, and her song Havana became the best selling digital single of 2018. 

Leona Lewis  

Another star included Leona Lewis, who won the third series of the X-Factor in 2006. 

The lead single on her debut album Bleeding Love spent seven weeks at number one in 2007. 

Leona became the first British female solo artist to reach the top five with eight singles after the release of her Christmas single with One More Sleep. 

 

Fifth Harmony 

Fifth Harmony finished third on the American version of the X-Factor in 2012, and subsequently signed a record deal with Syco. 

Members include Ally Brooke, Dinah Jane, Lauren Jauregui, and Normani Kordei. 

Camilla Cabello was also in the band before deciding to go solo. 

 

Westlife

Westlife consists of Shane Filan, Markus Feehily, Kian Egan, Nicky Byrne and formerly Brian McFadden. 

In Ireland, they have 11 number-one albums with a total of 13 top two albums, 16 number-one singles as well as 34 top-fifty singles. 

 

Alexandra Burke 

Alexandra Burke won the fifth series of X-Factor in 2008, 

Burke released the winner’s single Hallelujah, which became the European record holder for the most singles sold over a period of 24 hours, selling 105,000 in one day.  

In June 2014, Burke replaced Beverley Knight in the lead role of Rachel Marron in the West End musical The Bodyguard

 

Ella Henderson 

Ella Henderson came sixth in the 2012 series of the X-Factor, despite being a favourite to win. 

Her debut album included the song Ghost, which topped the charts of 2014.  

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