TuneCore owner Believe aims to raise €500m as it begins IPO process in France

UK singer/songwriter La Roux is signed to Believe's Artist Services operation

Heard about the new big-money IPO making waves in the music industry?

No, not Universal Music Group (which is set to go public in Amsterdam in the coming months).

We’re talking about Paris-headquartered Believe – which has today (May 10) confirmed that it has taken the first official step to float in its home nation.

Like UMG, Believe has chosen Europe for its arrival on the stock exchange: the French company has just had its registration document to float on the Paris Euronext approved by the French Autorité des marchés financiers (AMF).

As part of the contemplated IPO, Believe – a label and artist services company and the owner of TuneCore – intends to raise approximately €500 million ($608 million) to finance its growth strategy.

In a media release issued today, Believe confirmed it is a “fast-growing and profitable company” that generated €728 million in digital revenues in 2020, and €441 million of consolidated revenues in the same year.

French newspaper Le Monde suggested last year that a Believe IPO would value the company at around €2 billion ($2.4bn).

The completion of Believe’s IPO is now subject to the approval of its prospectus by the AMF, as well as “favorable market conditions”.

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.

“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.”

Denis Ladegaillerie, Believe

“Believe’s CSR 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.”

Citi, J.P. Morgan and Société Générale are acting as both Joint Global Coordinators and Joint Bookrunners for the contemplated IPO, while BNP Paribas, Goldman Sachs, HSBC and UBS are acting as Joint Bookrunners.

Rothschild & Co. is acting as independent financial adviser to Believe.


Believe was founded by ex-Vivendi exec Denis Ladegaillerie in 2005.

As of 31 December 2020, Believe operated in more than 50 countries with 1,270 employees and provided solutions to more than 850,000 artists (directly or through their labels), representing more than 100 billon Spotify streams and 375 billion YouTube views in 2020.

Believe said today that in 2018-2020 its digital music sales (DMS) increased by over 54% (from €472 million to €728 million). It added that this represented a compound annual growth rate (CAGR) of 24%, versus a CAGR of 7.6% for the recorded music market.

In Q1 2021, said Believe, it generated consolidated revenues of €124 million, up 26% versus Q1 2020, or up 23% at current exchange rates.

In 2020 18% of its consolidated revenue was generated in France, 22% in Germany, 28% in the rest of Europe, 14% in the Americas and 18% in Asia, Oceania and Africa.


Believe is well known as the parent company of TuneCore, which is now paying indie artists over $400m every 12 months, according to company figures.

Outside of TuneCore, Believe also owns labels in-house, including All Points, Naïve and Nuclear Blast.

In June 2015, TCV – an investor in Spotify – announced it had led a $60m investment into Believe.

Le Monde reported last year that TCV ended up with a 49% stake in Believe in 2020.Music Business Worldwide