Believe has announced that its registration for a proposed public offering has been approved by French regulators.
It’s the first step of the digital music company’s IPO on the regulated market of Euronext Paris. The completion of the IPO is subject to the approval of the prospectus by the Autorite des Marches Financiers (AMF), as well as favourable market conditions.
Capital raised of approximately €500 million from the planned IPO will finance Believe’s growth strategy. The company recorded €728m of digital music sales in 2020 – up from €472m in 2018.
Denis Ladegaillerie, founder and CEO of Believe, said: “In the last decade, streaming has changed how people discover music, paving the way for the rise of independent artists and labels. Believe is ideally positioned at the core of this transformation with a unique model to provide solutions best adapted to meet the evolving needs of each independent artist and label, at all levels of development, in the digital world. Believe has the technological platform, the global reach and the people on the ground to be at the forefront of this new cycle.
“Believe’s CSR [corporate social responsibility] strategy centered around respectful, fair and transparent talent development is at the heart of our ambition to become the best and most value- added partner for artists and labels in the digital world. This IPO project would enable us to accelerate our development and continue to pursue our profitable growth trajectory while achieving our mission to help build a better, more diverse, more respectful, more transparent and fairer future for all artists.”
Believe operates in more than 50 countries with 1,270 employees and partners with more than 850,000 artists (directly or through their labels), representing more than 100 billon total streams and 375 billion video views in 2020.