Simon Cowell’s Business Takes A Devastating Nose Dive Due To The Pandemic
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The COVID-19 pandemic reportedly hit Simon Cowell’s television company hard during 2020. The Sun has reported that profits for the music mogul’s business were down by a huge amount.
It certainly hasn’t been the best year for Simon personally, as he broke his back last summer and wasn’t able to appear at the Got Talent live shows. Read on to find out just how much the pandemic has hurt business for him.
Simon Cowell’s TV Company Sees Lower Profits In 2020
According to The Sun, profits for SimCo Ltd were down by nearly £30 million last year. New accounts reportedly show that profits went from £34.6million in 2019 to £5.8 million over the past six months.
The company reportedly made £65.5 million in 2019, compared to £17.7 million in 2020. Simon apparently didn’t even pay himself a wage as his company saw such a huge change in profits.
Last September, Simon resigned as director of the business and moved his TV franchises to another company. Simon left his record label Syco Music in July to focus more on television, buying out Sony’s stake in Syco Entertainment.
Simon’s Shows Are Stalled During The Pandemic
“Everyone in the TV industry has been hit by the pandemic and Simon’s company has taken a considerable battering,” a source told The Sun. “With The X Factor rested and BGT plagued by issues, it’s been a slow year. Simon is a savvy businessman, however, and he’s no doubt going to be back on top over the next 12 months.”
The pandemic has made it harder for Simon’s shows to get going. Recently, the new season of Britain’s Got Talent was delayed due to government health guidelines. It was supposed to start filming in January, with Simon returning to the judges’ table, but things are up in the air now.
Meanwhile, The X Factor UK will apparently not return until at least 2022, having been off the air since 2019. Simon has tried for years to revive the show, despite declining ratings. The pandemic certainly hasn’t helped the situation.