Believe's earnings report for 2023 shows revenue was up 16% on streaming growth as well as the company's expansion in developing markets.
benefitted from geographical expansion and strong streaming growth to post revenue of 880.3 million euros in 2023, up 15.7% from the prior year, the company announced Wednesday . Organic growth was 14.4%, matching the guidance the companyof organic growth exceeding 14%. After adjusting for foreign currency headwinds, Believe’s adjusted organic growth rate was 19.5% in 2023 and 21.8% in the fourth quarter.
The publicly traded French music company’s business model is built around helping to develop artists and using digital marketing and distribution to impact local charts. That approach is increasingly relevant when any artist can go viral on social media. Case in point: Believe landed a hit in 2023 when a 2022 single, “Si No Estás’” by, become a TikTok hit in Spain before topping charts in France, Germany, Norway, Sweden, Austria and Belgium.
Revenue for the company's premium solutions division rose 15.8% to 825.1 million euros , while the division’s adjusted EBITDA improved 16.8% to 118.3 million euros . Premium solutions mainly consists of the sale, promotion, marketing and delivery of digital content for artists and labels. It also includes some physical sales, synchronization services, neighboring rights and music publishing.
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