Believe forecasts strong growth in 2024 as its UK business topped 35 billion streams last year

Believe forecasts strong growth in 2024 as its UK business topped 35 billion streams last year

Believe has released its financial results for 2023 with the Paris-based digital music company reporting strong revenue growth.

Revenue of €880.3 million represented growth of 15.7%, or 14.4% in terms of organic growth. When factoring in “significant currency headwinds”, Believe reported adjusted organic growth of 19.5%. Adjusted EBITDA was up to €50.3m.

The results were issued amid potential ownership changes which could see the company go private again. Warner Music Group has also shown an interest in trying to bid for Believe.

In its financial results, the company noted that it “is not in a position to assess the potential impact on its business and financial condition linked to the uncertainties created by the current situation”.

Believe reported that it gained additional market share in most key markets and positioned among the top three players for local acts in many European and Asian markets.

For 2024, Believe anticipates an increase in paid streaming revenue from both volume and price, as well as a progressive recovery in ad-funded streaming. It also expects additional market share gains. Overall, the company expects organic growth of around 18%, or 20% once currency fluctuations are taken into account.

In the UK, where its operations have been expanding, Believe reported a surge in the consumption of its roster with more than 35 billion streams during the year. Believe’s UK office won Best Label/Artist Services at the Music Week Awards 2023 – “a true testament to the quality of service in digital”, stated the company in its financial results..

Denis Ladegaillerie, founder and CEO, said: “Believe is posting today healthy results, fully in line with expectations. These results are the outcome of tremendous teamwork of our teams in furtherance of our mission to develop artists and labels at all stages of their careers with expertise, respect, fairness, and transparency. 

“In 2023, we continued to hire great people, invest in technology and innovate with our partners with one objective: nurture early-stage talent, elevate established acts and support top-tier artists in reaching new creative and commercial heights. Invest and innovate to create ever more value for our artists and labels at all stages will remain the core of our strategy in 2024 and in the years to come!”


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