Believe: strong FY'22 operational and financial performance, on
trajectory to reach mid-term objectives 2 years ahead of IPO plan
Strong FY’22 operational and financial
performance on trajectory to reach mid-term objectives 2 years
ahead of IPO plan Paris, France – March 15,
2023
2022 Key Figures1
- Revenues of €760.8 million, up +31.8% at current rate with an
organic growth of +32.2%.
- Digital revenue growth of +33.8% out of which +34.7%
organically.
- Adjusted EBITDA at €34.7 million or a margin of 4.6% (versus
4.0% in FY’21).
- Positive Free cash flow generation of €52 million (versus
negative free cash flow in FY’21).
- Net cash at the end of December’22 just above €300
million.
2022 Highlights
- Strong performance of the portfolio of artists and labels
reflecting successful positioning on digital music genres.
Additional market share gains across key markets, notably in Europe
and Asia.
- Significant level of new artist and label signings and strong
renewals with top artists and labels reflecting appeal and clear
perception of differentiated digital capabilities. Continued
investment in Automated and Premium Solutions fueling profitable
growth and further building market share.
- Group profitability improvement, reflecting better amortization
of Central Platform costs.
- Achieving positive free cash flow generation ahead of IPO Plan
uplifting firepower for M&A.
- Progress in key CSR indicators and Group’s commitment to Shape
Music for Good well recognized by non-financial rating
agencies.
2023 Outlook
- Since the IPO, Believe has demonstrated its capacity to control
its investment cycle according to its organic growth and deliver on
its profitability trajectory.
- In FY’23, the Group will continue to drive a profitable growth
strategy towards its long-term target of 15% Adjusted EBITDA
margin.
- For FY’23, the Group is organized to deliver profitable growth
in a base scenario of degraded economic environment. Believe is
also ready to accelerate investments in case of better
macro-economic conditions.
- The assumptions underlying Believe’s growth scenario for FY’23
are continued increase in paid streaming, continued market share
gains and challenging ad-funded streaming monetization, which led
the Group to anticipate:
- Organic growth of +18%
- Further progressive improvement in Adjusted EBITDA margin: c.
5.0%
- Positive free cash flow
- Believe expects to leverage its cash to resume its acquisition
strategy in FY’23 driven by opportunities created by current market
conditions.
Denis Ladegaillerie, Founder and
CEO said: “We ended 2022 strongly delivering above our IPO
commitments both operationally and financially for the second year
in a row. In 2022, as we have done each year since 2005, we did
what we said we would do ... or better. We grew our market share;
we improved profitability; we generated significant cash flow from
our operations. Every day the music market becomes more digital and
our differentiated positioning and our competitive advantages in
the digital world become clearer to our artists
and our partners. The quality of services that our teams provide by
leveraging their passion for music, digital expertise and
technology solutions contributes to the success of a wide variety
of local labels and artists all around the world at all stages of
their career. In 2023, we will continue our profitable growth
strategy: invest in our teams to grow market share, innovate in
audience development products for our artists and labels, and
further drive operational efficiencies through technology and scale
to increase profitability. We aim to be the best music company at
developing artists and labels in the digital ecosystem. Everyday my
belief that Believe is best positioned to succeed becomes
stronger.”
2022 KEY FIGURES
in
€million |
FY 2021 |
FY 2022 |
Change YoY |
Organic change |
Group Revenues |
577.2 |
760.8 |
+31.8% |
+32.2% |
Premium Solutions |
541.3 |
712.6 |
+31.6% |
+32.5% |
Automated Solutions |
35.8 |
48.2 |
+34.5% |
+27.1% |
Adjusted EBITDA pre-central
platform |
83.3 |
107.9 |
+29.4% |
|
in % of revenues |
14.4% |
14.2% |
(20)bps |
|
Premium Solutions |
78.0 |
101.3 |
+29.8% |
|
Automated Solutions |
5.3 |
6.6 |
+23.9% |
|
Central Platform |
(60.0) |
(73.2) |
+21.9% |
|
Group's Adjusted
EBITDA |
23.3 |
34.7 |
+48.9% |
|
in % of revenues |
4.0% |
4.6% |
+60bps |
|
Operating income / loss (EBIT) |
(19.6) |
(22.3) |
|
|
Net cash from operating activities |
(7.7) |
73.7 |
|
|
Free cash flow |
(30.7) |
52.0 |
|
|
Cash on the balance sheet |
262.7 |
303.3 |
|
|
2022 HIGHLIGHTS
Strong performance of the portfolio of artists and
labels across key markets
Believe once again delivered an outstanding
performance in FY’22. Based on strong growth momentum, all
businesses recorded increases in revenue from their existing
portfolio and further expanded their roster by signing new artists
and labels. The Group demonstrated its winning strategy of
progressively building local teams to address the ever-growing
number of music genres as they are becoming more and more
digital.
The success of the Group’s model and strategy to
best serve artists and labels at all stages of their career allowed
Believe to surpass €1.1 billion of digital music sales (DMS) for
2022 and grow its digital revenues by 34.7% organically. The
model’s appeal to artists and labels was proven in all markets, as
illustrated by the geographical diversity of the large number of
artists and labels joining Believe: the number of artists served
directly or via labels by the Group indeed increased by around 200K
artists to reach the milestone of c. 1.3 million in FY’22.
Leadership positions in most key
markets, particularly in Europe and Asia Believe confirmed
its position in France in FY’22 as the second largest player in the
Top 200 streaming album chart for new releases for local
repertoire, as well as for the Top 200 catalogue streaming album
chart and the Top 200 single chart. Believe further demonstrated
its upstream capacity as highlighted by the successful development
of new artist Nej who reached Gold status with her project “SOS”.
Her track “Paro” also became one of the biggest successes on Tik
Tok worldwide with 22 billion views and 15 million content
creations.
In Germany, Believe became the third largest
recorded music company on local repertoire in the streaming market
in FY’22, as the local artists and labels in its roster reached new
heights in digital successes across all music genres. The Group was
also the second largest player for hip-hop in Germany and
demonstrated its unique capacity to cater to each artist’s needs as
they move from one stage of their career to the next. The success
of Theo Junior, who started out as a TuneCore artist to the top
charted positions, or the new milestones achieved by Milky Chance
who generated 1.2 billion streams in FY’22 and reached a new peak
with their all-time hit “Stolen Dance” are tribute to the strength
of the Group’s solutions.
Believe continued to significantly grow and gain
market share across the markets it operates in Asia, leveraging
continued investment in local teams, reinforced management
capabilities, and strategic partnerships in India and in the
Philippines. The Group is now positioned as leader in India and
Southeast Asia, while further accelerating its deployment in the
Greater China region. Believe has significantly built up its
capabilities in its Label and Artist Solutions since 2018 and
Artist Service since 2021 and now has c. 80 people in 5 offices in
Greater China. The level of activity remained sustained throughout
the year as the digital monetization increased in Greater China,
which led to the signings in Premium Solutions of more than 300
labels and above 250 artists directly.
Reinforced appeal to highly successful
talent producers thanks to market leadership in digital
The significant growth and achievements of the Group has deeply
increased its appeal to well-known and highly successful producers
who want to develop artists in the digital ecosystem. Believe has
set up two strategic investments in Europe and one in India to
create labels with talented partners who provide additional
sourcing capabilities on top of their expertise. These new labels
will focus on music genres that are already digital or start
transitioning, which will contribute to accelerated revenue
growth.
In France, the Group invested in Structure, a
new French pop label partnering with two successful producers,
behind the recent success of several multi-platinum French pop
artists. This partnership further expands the Group’s sourcing
capacities and penetration of the French pop market, which has been
initiated in Q4’21 with the strategic partnerships with PlayTwo and
Jo&Co, as the genre is becoming more digital. Believe
also invested in Madizin Music, a German well-known brand managed
by two renowned producers, composers, and entrepreneurs. With this
partnership, Believe joins hands with Madizin Music label’s
passionate music team to continue their path and to focus on German
language music – Pop and traditional Schlager music which have just
started their digitalization. In India, Believe signed an exclusive
agreement with Panorama Music, that has just been founded by a
prominent Indian film producer, distributor and studio executive in
India’s music and entertainment industry who is behind several
Bollywood blockbusters. This agreement will accelerate the Group’s
expansion in the new Bollywood Original Soundtrack market, which
constitutes the country’s largest music segment and is also
progressively switching to digital.
Continuous investment in tech-enabled
products and solutions to foster the highest level of service for
all labels and artists at all stages of their career
In FY’22 Believe upgraded its marketing suite
with new audience development products which are consistently
leveraged by local teams to service artists directly or through
their labels. Those products leverage AI and data mining capacities
to help increase the reach and efficiency of the promotion and
marketing activities. The Group also launched Encore, a mobile
version of the Datamusic suite used by artists and labels to track
their global performance, connect with fans, celebrate their
success, and identify when they are in the spotlight.
In Automated Solutions, TuneCore established
itself as the global DIY leader, offering music creators and
self-releasing artists one of the highest level of services
available in the industry. The Unlimited Pricing offer, which was
introduced in June, provided them with a large choice of options to
distribute their content on a regular basis in line with their
expectations. This new offer will ensure TuneCore retains its
status as the world’s highest paying distribution service for
self-releasing artists and music creators, proven by the milestone
of $3 billion earned by TuneCore users since its launch in 2006.
There is a strong pipeline of new features planned for 2023
including new Split functionalities as well as several improvements
in the user experience to further reinforce the appeal of its
automated platform. Self-releasing artists now have the option to
create a split on a release once it has been fully uploaded for
distribution, which allows to directly share streaming and download
royalties with the people who help them to create their music.
TuneCore’s efforts to offer the highest quality of service and
innovation have been recognized in March 2023, as TuneCore ranked
#3 in the Fast Company’s 10 Most Innovative Music Companies
list.
Further progressing in its CSR project
to Shape Music for GoodBelieve was active in building
trusting relationships with respect, fairness and transparency,
notably through sharing value creation with artists, labels and
internal teams. Believe pursued the association of employees to
value creation with a second LTI plan for key executives, the first
employee shareholding plan and the implementation of a capital gain
sharing agreement between the CEO and the Company to the benefits
of employees (one of the first in France for listed companies).
The Group continued its active policy towards
promoting gender diversity in the music industry and across all
levels of its organization. Along a gender balanced board of
directors and executive committee, gender diversity progressed
across the Group. Women represented 43.1% of the total headcount in
FY’22 (versus 40.0% in FY’21) and 37.6% of the managers (versus
34.0% in FY’21). Believe also maintained an excellent result of
99/100 for the French remuneration metric “Gender Equality index”
for France. Believe also extended the measurement of gender equal
remuneration to the Group key countries by drawing inspiration from
the French index calculation.
Strong organic revenue growth throughout
the full year FY’22 revenues grew by +31.8% to reach
€760.8 million, largely driven by strong organic growth
(+32.2%). Digital revenues, which represented 92.3% of
Group’s revenues (compared with 90.9% in FY’21) were up +34.7%
organically, reflecting streaming market growth and additional
market share gains. The Group further benefited from the expansion
of services’ offer in key markets and continuing investment in
local teams and capabilities over the past three years. Non-digital
sales increased by +7.6% organically during the year, mainly driven
by revenue growth in merchandising, live and branding activities
which offset the decline of the demand for physical sales.
As anticipated, organic growth was well above
+30% in the full year notwithstanding a lower increase rate in
Q4’22 than in Q3’22 (+22.6% versus +37.6% in Q3’22). The decrease
in the growth rate was notably driven by ad-funded streaming
revenues, which only grew by low double digits in the last quarter
of FY’22, affecting both Premium and Automated segments.
Growth in all geographies, with a
particularly strong increase in Asia Pacific and
Africa
in €
million |
FY 2021 |
FY 2022 |
Change YoY |
APAC / Africa |
130.5 |
199.3 |
+52.7% |
France |
96.0 |
128.6 |
+34.0% |
Americas |
83.5 |
109.2 |
+30.7% |
Europe (excl. France &
Germany) |
164.7 |
210.2 |
+27.6% |
Germany |
102.4 |
113.6 |
+11.0% |
Total |
577.2 |
760.8 |
+31.8% |
In FY’22, revenue growth reached +52.7%
in Asia Pacific and Africa which represented 26.2%
of Group revenues (versus 22.6% in FY’21). Market dynamics remained
strong throughout the year despite a slowdown in the growth of
ad-funded streaming revenues since June’22 which impacted the
activity of the region. The expansion of premium services’ offer
and the strategic partnerships with Think Music and VMAG enabled
strong growth in India and Southeast Asia, while the Group
accelerated its development in Greater China during the
year.
In France, revenues increased
by +34.0% in FY’22 and represented 16.9% of Group revenues. The
Group confirmed its position as a key player in France and its
capacity to develop better and further established artists,
newcomers, and catalogue within a digital world. Besides, Believe
increased its appeal to a wider variety of music genres, notably
thanks to the strategic partnerships signed with Play Two and
Jo&Co which contributed to accelerating the revenue growth in
FY’22.
Americas grew by +30.7% and
represented 14.3% of Group revenues, reflecting the success of
TuneCore’s “new artist” plan which allows music creators an
unlimited release of their songs to the music libraries of social
platforms for no upfront fee (revenue share model) and was launched
in November 2021. The full deployment of TuneCore Unlimited Pricing
in June was also successful but impacted revenue by subscriber as
anticipated. It is expected that this impact will be offset with a
ramp up in the subscription b ase in the future. Believe also
benefitted from the strength of its business in Brazil which
remained very dynamic throughout the year.
Europe (excluding France and
Germany) recorded revenue growth of +27.6% and represented
27.6% of total revenues in FY’22 (versus 28.5% in FY’21 reflecting
decreasing weight of the Russian business). The Group remained on a
strong growth trajectory in the UK, Southern Europe and Eastern
Europe, while the level of activity remained sustained in Italy.
Revenues in the region were nevertheless affected by lower revenue
growth in Turkey (currency effect on the market) and Russia (that
represented c. 7.5% of the Group revenue in FY’22).
In Germany, revenues increased
by +11.0% in FY’22 and represented 14.9% of Group revenues. This
performance was mostly driven by digital activities which
outperformed the local market and the success of Believe on local
repertoire. Non-digital sales continued to drag on the overall
performance as the Group is still exiting from contracts which are
too heavy in physical sales.
Premium and Automated Solutions both driving the revenue
growth and greater artist monetization as illustrated by Digital
Music Sales which surpassed €1.1bn
Digital Music Sales2 amounted to €1.1billion in
FY’22, confirming the success of the Group’s model and commercial
strategy to best serve artists and labels at all stages of their
career.
Premium Solutions DMS, which are the basis of
digital revenues in the segment recorded significant growth of
+33.8% to reach 658.6 million in FY’22. Revenues amounted to €712.6
million, up +31.6% year-over-year reflecting strong organic growth
(+32.5%). The positive perimeter effect related to the integration
of FY’21 acquisitions was offset by a negative exchange rate impact
driven by the devaluation of the Turkish lira. With more music
genres becoming digital, Believe accelerated its investment in key
markets expanding its services’ offer and local capabilities in the
last years. This resulted in a strong performance throughout the
year and strengthened market positions in several geographies.
Automated Solutions reported DMS of €475.6
million, up +10.1% year-over-year. Revenues, which are not directly
correlated to DMS due to the subscription model of TuneCore,
amounted to €48.2 million or an increase of +34.5%. This strong
performance reflected organic growth of +27.1% and a positive forex
impact mainly related to the appreciation of the dollar versus the
euro. The launch of the new pricing offer drove subscriptions up,
while revenue per subscriber reflected positive trends with an
increased number of creators switching from the discovery offer to
the highest pricing plan throughout the second half of 2022. The
level of activity was also supported by the international
deployment of TuneCore and its localization
strategy.
Improvement of the Adjusted EBITDA
margin thanks to better amortization of Central Platform
costs
Aligned with the strong organic growth,
Adjusted EBITDA pre-Central Platform costs3 grew
by 29.4% in FY’22 to reach €107.9 million (versus €83.3 million in
FY’21). Believe continued investing throughout 2022 to support its
profitable growth strategy. In Premium Solutions, the Group
deployed additional sourcing and servicing capabilities across its
key markets with a strong focus on Europe and Asia, given growth
prospects in the regions. In Automated Solutions, the Group pursued
its investment to deploy the new Unlimited Pricing offering and
further upgrade the user experience on TuneCore interface,
including the development of new features. Overall, the Adjusted
EBITDA margin pre-Central Platform costs were stable compared with
FY’21 and amounted to 14.2% of revenue. This margin includes growth
investment in both segments, which represented approximately 5% of
total revenues for FY’22.
The Central Platform costs
(€73.2 million in FY’22 versus €60.0 million in FY’21) have
continued to decrease over revenue representing 9.6% of Group
revenues compared with 10.4% in FY’21. As announced at the IPO, the
scale up of the Central Platform has been completed by the end of
2020. Since then, the Group has pursued its investment in the
Central Platform but at a much lower pace to remain at the
forefront of innovation, to further strengthen its relationships
with digital partners and deploy its solutions to more market
segments and music genres. Consequently, Believe continued its
investment on its proprietary tech-enabled products and solutions
to optimize their efficiencies and impact, notably by deploying
more spending in data analysis and digital marketing, both key in
the audience and monetization development solutions that local
teams leverage to service artists and labels.
As for previous years, some Central Platform
investments are capitalized under IFRS accounting principles. In
FY’22, total investment (P&L and capitalized costs) in the
Central Platform amounted to c. €89 million. Total investment went
up +11.2% year-over-year compared with organic revenue growth of
+32.2%.
The Group’s Adjusted EBITDA
amounted to €34.7 million in FY’22 compared with €23.3 million in
FY’21, up +48.9% year-over-year, as the better amortization of
Central Platform costs is providing solid operating leverage.
Consequently, Adjusted EBITDA margin stood at 4.6% in FY’22
compared with 4.0% in FY’21 and is well on track with the mid-term
objective (Group adjusted EBITDA margin of 5% to 7% by 2025).
Operating loss (EBIT) reflecting an
increase in D&A related to FY’21
acquisitionsDepreciation & Amortization amounted to
€44.9 million in FY’22 compared with €33.7 million in FY’21. This
increase was mostly related to the acquisitions completed in Q4’21.
As a result EBIT amounted to €(22.3) million in FY’22,
compared with a loss of €(19.6) million in FY’21.
Positive free cash flow and solid level
of firepower for the M&A strategy Free cash flow was
positive by €52.0 million in FY’22, a significant improvement
compared with last year (€30.7 million negative in FY’21). Believe
returned to positive free cash flow generation thanks to a working
capital variation of €53.4 million, the increase in Adjusted EBITDA
and lower capital expenditures as a percentage of revenues (3.3%
versus 4.6% in FY’21).
Working capital variation was back to positive
territory as customer advances progressed but were not marked by
longer term contracts with large labels. In FY’21, the renewal of
several tier one labels based on longer term generated a peak in
advances. In addition, the positive working capital variation was
enhanced by an annual installment of approximately €20 million from
one digital partner, which was renewed in Q3’22 and switched from
quarterly to annual payment in advance.
Cash on the balance sheet amounted to €303.3
million at the end of December’22 compared with €262.7 million at
the end of December’21, mostly reflecting the positive free cash
flow generation. Believe has therefore surpassed its post-IPO cash
level and is well positioned to further execute its bolt-on M&A
strategy in FY’23.
FY’23 OUTLOOK AND MID-TERM OBJECTIVES
Since the IPO, Believe has demonstrated its
capacity to control its investment cycle according to its organic
growth and deliver on its profitability trajectory. In FY’23, the
Group will therefore continue to drive a profitable growth
trajectory towards its long-term profitability objective.
For FY’23, the Group is organized to deliver
profitable growth in a scenario of a degraded economic environment
impacting ad-funded streaming activities. Believe is also ready to
accelerate its investments if macro-economic conditions enable the
Group to generate stronger growth.
Believe’s growth scenario for FY’23 implies
further increase and deployment of paid streaming, additional
market share gains and challenging ad-funded streaming
monetization. The switch from ad-supported to paid streaming
is also expected to further progress in all markets. Based on these
assumptions, Believe expects FY’23 organic growth to be around +18%
for the Group. This would represent an organic CAGR of c. +25% for
the period 2021-2023.
Believe is committed to continue investing in
its Central Platform to be at the forefront of innovation. The
Group will also pursue its strong investments in local sales and
capabilities to fuel its profitable growth and seize opportunities
offered by the accelerated digitalization of a wider variety of
music genres. The Group is also committed to raising progressively
its Adjusted EBITDA margin and will therefore monitor its
investment pace and focus on improving efficiency to reach an
Adjusted EBITDA margin of c. 5% in FY’23.
The Group is expected to generate positive free
cash flow for the full year. It will benefit from a second annual
installment of approximately €20 million in Q3’23 from one of its
digital partners, which was renewed in Q3’22.
Overall, the Group is on track with its
strategic roadmap to build the best digital music company to
develop digital artists at all stages of their career. Believe
confirms its medium-term trajectory communicated at the IPO,
including a 2021-2025 CAGR of between +22% and +25% and a Group
Adjusted EBITDA of 5%-7% by 2025, implying a segment Adjusted
EBITDA margin of 15%-16% (which is a "high growth period" margin,
as the revenue growth is partially reinvested). Believe reiterates
its confidence in its ability to achieve its long-term target of at
least 15% Group Adjusted EBITDA margin.
Webcast: We will host a webcast
https://edge.media-server.com/mmc/p/hdkgs2ca and
conference call starting at 6:30 p.m. CET (5:30 p.m. GMT) today.
Denis Ladegaillerie, our Founder and CEO, and Xavier Dumont, our
Chief Financial and Strategy Officer, will present FY 2022 revenues
and earnings and answer questions addressed in the call or
submitted through the webcast. All information related to the
annual results are available on our investor website: Believe -
Investors Website - Financials
Conference call details:France, Paris: +33
(0) 1 70 91 87 04United Kingdom, London: +44 1 212 818
004United States, New York: +1 718 705 87 96Conference
ID: 88365
2023 financial agenda Believe (Ticker: BLV, ISIN:
FR0014003FE9):27 April 2023: Q1 2023 revenues - Press
release to be issued after market close
16 June 2023: Shareholders’ Annual General Meeting
2 August 2023: H1 2023 revenues and earnings - Press release to
be issued after market close
24 October 2023: Q3 2023 revenues - Press release to be issued
after market close
Investor
Relations & Financial media Emilie
MEGEL investors@believe.comTel: +33 1
53093391 Cell: + 33 6 07 09 98
60 |
Press
Relations Manon
JESSUAmanon.jessua@believe.comAgathe
Joubert agathe.joubert@agenceproches.comCell: +33
7 63 13 60 99 |
Appendix
1. Use of Alternative Performance
Indicators
To supplement our financial information
presented in accordance with IFRS, we use the following non-IFRS
financial measures:
- DMS is the revenue generated from digital store partners and
social media platforms before royalty payment to artists and
labels.
- Organic growth accounts for revenue growth at a like-for-like
perimeter and at constant exchange rate.
- Adjusted EBITDA is calculated based on operating income (loss)
before (i) depreciation, amortization and impairment, (ii)
share-based payments (IFRS 2) including social security
contributions and employer contributions (iii) other operating
income and expense; and (iv) depreciation of assets identified at
the acquisition date net of deferred taxes from the share of net
income (loss) of equity-accounted companies.
- Free cash flow corresponds to net cash flows from operating
activities, after taking into account acquisitions and disposals of
intangible assets and property, plant and equipment, and restated
for (i) costs related to acquisitions, (ii) acquisition costs of a
group of assets, that does not meet the definition of a business
combination and (iii) advances related to distribution contracts
intended specifically for the acquisition of assets (acquisition of
companies, catalogs, etc).
2. Quarterly revenues by division
in € million |
Q1’21 |
Q1’22 |
Change |
Organic at constant rate |
Premium solutions |
115.6 |
151.1 |
+30.7% |
+31.6% |
Automated solutions |
8.5 |
11.4 |
+33.6% |
+28.6% |
Total revenues |
124.1 |
162.5 |
+30.9% |
+31.4% |
in € million |
Q2’21 |
Q2’22 |
Change |
Organic at constant rate |
Premium solutions |
127.5 |
178.1 |
+39.7% |
+40.2% |
Automated solutions |
8.5 |
11.6 |
+36.3% |
+27.6% |
Total revenues |
136.0 |
189.7 |
+39.5% |
+39.4% |
in € million |
Q3’21 |
Q3’22 |
Change |
Organic at constant rate |
Premium solutions |
135.3 |
184.4 |
+36.2% |
+37.7% |
Automated solutions |
8.6 |
12.6 |
+46.8% |
+36.1% |
Total revenues |
143.9 |
197.0 |
+36.9% |
+37.6% |
in € million |
Q4’21 |
Q4’22 |
Change |
Organic at constant rate |
Premium solutions |
162.9 |
199.0 |
+22.2% |
+22.9% |
Automated solutions |
10.2 |
12.5 |
+23.3% |
+17.5% |
Total revenues |
173.1 |
211.6 |
+22.3% |
+22.6% |
3. Q4 revenues by geography
in € million |
Q4’21 |
Q4’22 |
Change YoY |
Asia-Pacific / Africa |
41.7 |
56.2 |
+34.8% |
France |
28.4 |
35.1 |
+23.5% |
Americas |
25.1 |
30.8 |
+22.7% |
Europe (excl. France &
Germany) |
48.4 |
58.7 |
+21.2% |
Germany |
29.5 |
30.9 |
+4.7% |
Total |
173.1 |
211.6 |
+22.3% |
4. Revenue breakdown between digital and non-digital
sales
|
Q1’21 |
Q2’21 |
Q3’21 |
Q4’21 |
FY’21 |
Q1’22 |
Q2’22 |
Q3’22 |
Q4’22 |
FY’22 |
Digital sales |
90% |
92% |
92% |
90% |
91% |
93% |
92% |
94% |
91% |
92% |
Non-digital
sales |
10% |
8% |
8% |
10% |
9% |
7% |
8% |
6% |
9% |
8% |
5. Digital and non-digital sales growth (as
reported)
|
Q1’22 |
Q2’22 |
H1’22 |
Q3’22 |
Q4’22 |
H2’22 |
FY’22 |
Digital sales |
+35.3% |
+40.1% |
+37.8% |
+39.6% |
+22.8% |
+30.5% |
+33.8% |
Non-digital sales |
-6.5% |
+32.1% |
+11.4% |
+6.1% |
+17.6% |
+12.9% |
+12.2% |
About BelieveBelieve is one of
the world’s leading digital music companies. Believe’s mission is
to develop independent artists and labels in the digital world by
providing them the solutions they need to grow their audience at
each stage of their career and development. Believe’s passionate
team of digital music experts around the world leverages the
Group’s global technology platform to advise artists and labels,
distribute and promote their music. Its 1,650 employees in more
than 50 countries aim to support independent artists and labels
with a unique digital expertise, respect, fairness and
transparency. Believe offers its various solutions through a
portfolio of brands including Believe, TuneCore, Nuclear Blast,
Naïve, Groove Attack, AllPoints, Ishtar and Byond. Believe is
listed on compartment A of the regulated market of Euronext Paris
(Ticker: BLV, ISIN: FR0014003FE9). www.believe.com
Forward Looking statement This
press release contains forward-looking statements regarding the
prospects and growth strategies of Believe and its subsidiaries
(the “Group”). These statements include statements relating to the
Group’s intentions, strategies, growth prospects, and trends in its
results of operations, financial situation and liquidity. Although
such statements are based on data, assumptions and estimates that
the Group considers reasonable, they are subject to numerous risks
and uncertainties and actual results could differ from those
anticipated in such statements due to a variety of factors,
including those discussed in the Group’s filings with the French
Autorité des Marchés Financiers (AMF) which are available on the
website of Believe (www.believe.com). Prospective information
contained in this press release is given only as of the date
hereof. Other than as required by law, the Group expressly
disclaims any obligation to update its forward-looking statements
in light of new information or future developments. Some of the
financial information contained in this press release is not IFRS
(International Financial Reporting Standards) accounting
measures.
1 Alternative performance indicators are presented, defined and
reconciled with IFRS in appendices 1 of this press release (page
8).
2. Digital Music Sales or DMS is a non IFRS measure defined in
appendix 1
3. The Adjusted EBITDA pre-central platform costs consists in
the Adjusted EBIITDA of the Automated and Premium Solutions
segments before taking into account central platform costs. Central
platform costs account for the costs that cannot be allocated by
segment
- 2023-03-15-Believe-FY 2022 earnings-ENG
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