One Direction have come out on top in Billboard's annual list of artist earners.

The band generated $46 million in 2014, the lion’s share of which came from touring, with their Where We Are stadium tour proving the biggest of the year by far. It brought in $40m in box office takings, while record sales royalties came to $4.1m. In addition, $681,100 was raised from streaming and $517,000 from publishing.

Katy Perry was second on the list, netting $30.1m. Her ...