Believe shares third quarter revenue with massive growth
Ever since Napster permeated the music industry, sending shockwaves to record labels as it was clear that the internet would reset the rules of the game for artists and executives alike, companies have been working to find ways to navigate the new digital world for musicians. The Paris-based company Believe is one of the leaders of this new wave of management and artist development, and their latest third-quarter financial reports indicate that they are doing well thus far in 2023.
While for most fans and artists, the music industry is about the emotional and creative connection made through live performances and releases, it is also of course a big business that often requires careful attention to detail to properly navigate the many paths available to artists. One company that is looking out for artists and helping them navigate the industry is Believe, whose platform was built to help artists of all levels by utilizing digital tools and concepts to garner success. With the release of the company’s recent financial records, the company which trades publicly on the Paris Stock Exchange, Euronext, revealed it had grown a staggering $234 million, or 9.1% for YoY.
The growth was provided mainly by the organization’s Premium Solutions, which it defines as its artist services and core premium label. This side of the company grew its revenues by 10.1%, an increase of €184.4 million in Q3 2022 to its current €202.9 million in Q3 of 2023. Believe further reveals that its acquisition of Sentric earlier this year further contributed to the growth, providing €4.2 million to the company for 2% growth.
On the other side of the business, Believe offers Automated Solutions, such as digital distributors, and this did see a loss of 4.5% YoY or €12.1 million in the year. The company;s founder and CEO, Denis Ladegaillerie, had this to say about the current financial situation at the company:
Q3 2023 has been a challenging quarter, but we kept delivering a top-notch service to our artists and labels, enabling artists at various stage of their career to reach the top of the charts and labels to outperform their local market.
Image credits: Production Music Live