Believe, the France-headquartered recorded music and publishing company, has issued annual public financials to shareholders since its IPO in 2021. (The company was subsequently taken majority-private again by investors including TCV, EQT, and Believe founder, Denis Ladegaillerie.)
Within these financials, Believe reveals its revenue breakdown into ‘Automated Solutions’ – which refers to its TuneCore business – and its ‘Premium Solutions’ business.
The data visualization below also shows the firm’s annual Group adjusted EBITDA and annual Operating Income/Loss.
Believe’s adjusted EBITDA is calculated based on operating income (loss) before the following:
- (i) depreciation, amortization and impairment
- (ii) share -based payments (IFRS 2) including social security contributions and employer contributions
- (iii) other operating income and expenses, and
- (iv) after the addition of share of net income (loss) of equity-accounted companies, excluding depreciation of assets identified at the acquisition date, net of deferred taxes.
