{"id":94583,"date":"2024-08-01T18:05:34","date_gmt":"2024-08-01T22:05:34","guid":{"rendered":"https:\/\/www.cyberlego.com\/web\/2024\/08\/01\/believe-revenue-up-14-in-first-half-of-2024\/"},"modified":"2024-08-01T18:05:34","modified_gmt":"2024-08-01T22:05:34","slug":"believe-revenue-up-14-in-first-half-of-2024","status":"publish","type":"post","link":"https:\/\/www.cyberlego.com\/web\/2024\/08\/01\/believe-revenue-up-14-in-first-half-of-2024\/","title":{"rendered":"Believe Revenue Up 14% in First Half of\u00a02024"},"content":{"rendered":"

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\n\tBelieve turned in strong double-digit revenue growth in the first half of 2024, helped by its 2023 acquisition of Sentric Music Group but hobbled slightly by weak ad-supported streaming revenues. Revenue grew 14.1% to 474.1 million euros ($512.7) and adjusted earnings before interest, taxes, deprecation and amortization (EBITDA) improved 29.3% to 31.3 million euros ($33.8 million), the company announced Thursday (Aug. 1).\u00a0<\/p>\n

\n\t\u201cDespite persistent market headwinds in some of our key territories, Believe continued to generate solid profitable growth during the semester,\u201d CEO Denis Ladegaillerie<\/strong> said in a statement. \u201cWe pursued our strategic roadmap to build the best artist development company in the music industry, while finalizing the restructuring of our capital structure providing us with greater financial flexibility and partners who can accelerate our profitable growth story.\u201d<\/p>\n

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\t\t\t\t\t\t\"Denis<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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\t\t\t\t\tBelieve Buyer Led by Denis Ladegaillerie Holds 95% of Shares After Tender\u00a0Offer\t\t<\/p>\n<\/h3><\/div>\n

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\n\tThe Paris-based company lowered its expectations for full-year revenue, however. Because Believe will lose the year-over-year growth benefits of streaming price increases and is \u201ccautious\u201d about ad-supported streaming, the company lowered its guidance for organic revenue growth to 12% from 18%. That said, it increased its guidance for full-year adjusted EBITDA margin to greater than 6.5% from the previous 6.5% figure.\u00a0<\/p>\n

\n\tThursday\u2019s earnings release was Believe\u2019s first since a consortium including Ladegaillerie acquired nearly all of the company\u2019s shares through a tender offer that ended June 21<\/a>. The consortium, which includes funds managed by TCV and EQT X, now owns 96.02% of share capital and 94.87% of voting rights. Believe continues to have a small number of minority shareholders and its stock still trades on the Euronext Paris exchange, but due to the small float, the company will release only mid-year and full-year earnings results and no longer release quarterly results.\u00a0<\/p>\n

\n\tFirst-half revenue grew 17.9% to 78.4 million euros ($84.8 million) in France, Believe\u2019s home and largest market, where it claimed to have 40% of the top local singles and 30% of the top local albums during the period. Revenue dropped 1.2% to 53.5 million euros ($57.9 million) in Germany, its second-largest market. In Europe excluding France and Germany, revenue jumped 24.7% to 121.9 million euros ($131.8 million).\u00a0<\/p>\n

\n\tThe Americas grew 21.8% to 73.9 million euros ($79.9 million), helped in the second quarter by the reallocation of most of Sentric Music Group\u2019s revenues to the U.S. Believe acquired Sentric<\/a>, a Liverpool-based music publishing company, in 2023 from Utopia Music. Asia\/Oceana\/Africa grew just 3.7% to 116.3 million euros ($125.8 million); while revenue was \u201cslightly up\u201d in India, it fell in some Southeast Asian markets that are heavily based on ad-supported streaming.<\/p>\n

\n\tBelieve\u2019s Premium Solutions division, which includes its publishing, label and artist services businesses, grew revenue 13.5% to 440.9 million euros ($476.8 million) in the first half of the year. Most of that improvement came from organic growth, while Sentric accounted for 2.3 percentage points of growth. Revenue at the Automated Solutions segment, which includes digital distributor TuneCore, increased 23.4% to 33.2 million euros ($35.9 million).\u00a0<\/p>\n<\/div>\n<\/div>\n

Aller \u00e0 la source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Believe turned in strong double-digit revenue growth in the first half of 2024, helped by its 2023 acquisition of Sentric Music Group but hobbled slightly by weak ad-supported streaming revenues. Revenue grew 14.1% to 474.1 million euros ($512.7) and adjusted earnings before interest, taxes, deprecation and amortization (EBITDA) improved 29.3% to 31.3 million euros ($33.8 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-94583","post","type-post","status-publish","format-standard","hentry","category-musique","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"_links":{"self":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/94583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/comments?post=94583"}],"version-history":[{"count":0,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/94583\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/media?parent=94583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/categories?post=94583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/tags?post=94583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}