Believe Reports 30.7% Revenue Growth for 2021
Music company Believe saw its revenue increase by 30.7% in 2021, alongside an improved profit margin. Growth was driven by the attractiveness of its digital platform to artists and labels.
Music company Believe published its 2021 financial results, showing a 30.7% increase in revenue and 29.9% organic growth. The company attributes this growth to the strength of its digital platform and its appeal to artists and labels.
Digital revenue saw a significant rise of 33.6%. Believe also reported an improved Adjusted EBITDA margin of 4%, a 2.3 percentage point increase from the previous year. CEO Denis Ladegaillerie stated that the strong growth and profitability allowed for continued investment in the future.
Believe announced it now serves approximately one million artists and labels, up from around 850,000 the previous year. The company has focused on expanding its local teams in Asia and Europe, notably in India, China, Southeast Asia, France, and Eastern Europe, where music digitalization is accelerating.
In Europe, particularly in France, Believe strengthened its market position, featuring on 41 albums within the Top 200 new releases and capturing a 28% market share of top local streaming albums. Strategic partnerships were also formed with Play Two and Jo&Co.
In Asia, Believe entered into partnership agreements with Think Music (India) and Viva Music & Artists Group (Philippines). The company has also been developing its global technology platform and local teams to maximize digital revenues for artists and labels in the region.
Additionally, Believe expanded the language offerings for its TuneCore platform, introducing services in seven new languages. A new distribution service for social media was also launched in the final quarter of the year.