Believe Reports 35.4% Revenue Growth in H1 2022
Digital music company Believe announced its first-half 2022 results, with revenue increasing by 35.4% and organic growth reaching 35.6%. The company also reported a positive free cash flow.
Digital music company Believe published its financial results for the first half of 2022, reporting significant growth across key metrics. Group revenue rose by 35.4% year-on-year to €352.2 million, driven by a strong organic growth rate of 35.6%.
The digital segment saw revenue climb by 37.8%, indicating successful market share expansion. The company's adjusted EBITDA margin improved to 3.3%, amounting to €11.7 million. Notably, Believe achieved a positive free cash flow of €10.8 million, marking a key financial milestone.
Believe, a major player in the global digital music landscape, attributes its performance to its strategic model, which focuses on artist and label services. Investments in its central platform and local teams are aimed at enhancing its offerings and supporting artists throughout their careers.
For the full year 2022, Believe forecasts organic growth of approximately 29% and reiterates its expectation of positive free cash flow. The company plans to continue investing in innovation to further support its artist and label partners.