Paris-headquartered music distribution and services company Believe reports that it surpassed the milestone of €1 billion in digital music sales (DMS) for 2022.
Believe says that DMS is the revenue generated from its digital store partners and social media platforms before royalty payment to artists and labels.
The company adds that DMS represents the recorded music digital sales of the artists supported by the Group, directly or through their labels.
The announcment comes two months after Believe posted its Q3 2022 results (in November), reporting revenues of EUR €197.0 million for Q3 – a 36.9% YoY increase in revenues.
On an organic basis (at a like-for-like perimeter and constant exchange rate), that figure was up 37.6% YoY.
The company said in November 2022 that it expected to record full-year 2022 revenues in excess of EUR €750 million, up by over a third compared to 2021.
In FY 2021, Believe posted €577.2m in annual revenue, up 30.7% YoY.
Believe became a publicly listed company in 2021, debuting on the Paris Euronext on June 10.
Commenting on the news of the €1 billion DMS milestone, Denis Ladegaillerie, Founder & CEO, Believe, said: “We are proud to celebrate this milestone as a mark of Believe’s artists and labels’ continuous success.
He added: “It is a tribute to the strength and passion of our two hearts: our artists, at all stages of their career, who create vibrant music that fans connect to and are inspired by, and our people, who put their digital expertise and technology at their service with respect, fairness and transparency.”
“It is a tribute to the strength and passion of our two hearts: our artists, at all stages of their career, who create vibrant music that fans connect to and are inspired by, and our people, who put their digital expertise and technology at their service with respect, fairness and transparency.
DENIS LADEGAILLERIE, BELIEVE
Added Ladegaillerie: “Our digital expertise and innovation, our deep relationships with our streaming partners have delivered great results for our artists and labels, helping them grow their audiences and their streams at a much faster rate than the market.
“Delivering best-in-class products and services to all artists, from DIY to established to top artists and shaping the future of the music industry by contributing to build strong, thriving and diverse local music ecosystems is what we stand for.”
Believe’s milestone was also applauded by its music platform partners including YouTube, Amazon Music and Spotify.
“WE ARE PROUD TO WORK ALONGSIDE BELIEVE AND LOOK FORWARD TO CONTINUING TO INNOVATE TOGETHER, BRINGING MUSIC TO FANS EVERYWHERE
LYOR COHEN, YOUTUBE
Lyor Cohen, Global Head of Music, YouTube, said: “This milestone is huge! It is yet another sign of Believe’s commitment to build a sustainable digital ecosystem for every artist in the world — a mission that we not only honor but also share through our long term partnership.
“We are proud to work alongside Believe and look forward to continuing to innovate together, bringing music to fans everywhere. Congratulations!“
“BELIEVE IS A VALUED PARTNER AND WE CONGRATULATE THEM ON THIS INCREDIBLE MILESTONE.”
JEREMY ERLICH, SPOTIFY
Jeremy Erlich, Vice President & Global Head of Music, Spotify, added: “Believe is a valued partner and we congratulate them on this incredible milestone.
“Enabling artists to live off their work is core to our mission at Spotify, and we’re proud to have played a part in helping Believe artists find, connect with, and grow their fan bases around the world.”
“CONGRATULATIONS TO BELIEVE FOR THIS MILESTONE, AND WE LOOK FORWARD TO FINDING MORE WAYS FOR ARTISTS AND LABELS TO SHARE AND PROMOTE MUSIC TOGETHER.”
RISHI MIRCHANDANI, AMAZON MUSIC
Rishi Mirchandani, Vice President, Licensing and Strategy, Amazon Music, said: “We are proud to work with Believe and provide more opportunities for artists around the world to grow their careers and audiences.
“Congratulations to Believe for this milestone, and we look forward to finding more ways for artists and labels to share and promote music together.”Music Business Worldwide