Believe Reports 12.3% Revenue Growth and Improved Profitability in FY24
Music distribution company Believe announced its financial results for fiscal year 2024, reporting revenues of €988.8 million, a 12.3% increase year-over-year. The company also achieved a significant improvement in profitability, with adjusted EBITDA rising 33.5%.
Music distribution company Believe announced on March 13, 2025, its financial results for fiscal year 2024. Revenues reached €988.8 million, marking a 12.3% increase at the current rate and a 11.5% organic growth, or 13.9% adjusted organic growth. The company saw strong performance in Europe outside of France and Germany, as well as in the Americas.
The company reported a significant increase in Adjusted EBITDA, which grew by 33.5% to €67.1 million, representing a margin of 6.8%. This improvement reflects a focus on value optimization, controlled investments, and operating leverage. Believe also generated positive free cash flow during the year.
Globally, Believe facilitated over 800 billion streams and expanded its presence by launching new imprints in Japan and Indonesia, while also growing its roster in Turkey, India, and Eastern Europe. The company noted the resilience of paid streaming but also highlighted mixed results in ad-funded streaming and the impact of currency headwinds.
Looking ahead to fiscal year 2025, Believe expects organic growth to exceed 13.0%. The company plans to further increase its focus on value optimization and controlled investments, targeting an Adjusted EBITDA margin of approximately 8.0%. Positive free cash flow is also anticipated to continue in 2025.