Courtesy Beggars Group
The landscape of independent music saw a seismic shift in late 2024 as Beggars Group, the powerhouse behind some of the world’s most influential labels, announced a major corporate restructuring. By moving from a long-standing joint venture to a majority ownership model, the group is doubling down on its commitment to its artists and its own autonomy. This transition marks a pivotal moment for an organization that has remained a steadfast alternative to the global “major label” system for nearly half a century.
Strengthening the Foundation
In October 2024, Beggars Group officially acquired a 51% majority stake in XL Recordings, the iconic label home to global superstars like Adele and boundary-pushing acts like Fontaines D.C. and The Prodigy. By paying a £2.6 million consideration to co-owner Richard Russell, Beggars has transitioned XL from a joint venture into a subsidiary. This trend of consolidation continued as XL Recordings itself increased its stake in Young Recordings—home to The XX and Sampha—to 51%, effectively bringing more of the group’s core creative partnerships under a unified majority structure.
Built to Last: The MM Settlement Trust
Beyond simple acquisitions, the restructuring includes a visionary move by founder and Chairman Martin Mills. In a bid to ensure the company remains independent for generations to come, control of Beggars Group was transferred to the MM Settlement Trust. This strategic decision is designed to protect the company from outside buyouts and maintain the “spirit of equality” that has defined its culture. CEO Paul Redding emphasized that despite the change in ownership structure, the business will continue to be managed by the same leadership team through the same consensus-driven process that has guided them for decades.
The financial results for 2024 justify this confidence. Beggars Group reported an impressive turnover of £109.9 million, with operating profits soaring by 48.6% year-over-year. This success is bolstered by a strong catalog; notably, the 2021 reversion of Adele’s early US recording rights continues to provide a significant revenue tailwind. As Martin Mills noted during the company’s 49th-anniversary celebrations in September, these moves are a “commitment for the future.” For fans and artists alike, the message is clear: Beggars Group is evolving to stay exactly what it has always been—fiercely independent.
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