Paris-based Believe has reported its results for the 2024 financial year to the end of December.
The global digital music company generated revenues of €988.8 million, an increase of 12.3% year-on-year or 11.5% in terms of organic growth (reflecting currency fluctuations). Adjusted organic growth amounted to 13.9%.
Believe – headed by CEO Denis Ladegaillerie – saw a record-breaking year for its artists around the world, generating more than 800 billion streams globally.
There was strong growth in Europe (up 23.3%) excluding France & Germany, and in the Americas (18.0%), but softer growth in Asia/Pacific/Africa (3.5%).
The performance in the UK was positively uplifted by Sentric’s integration on a 12-month basis
The home market of France remained strong (10.3% growth) despite an “adverse Q4 for non-digital sales”.
Believe led the way on overall singles and albums in France in 2024. The company has partnered for years with Jul, the top seller of the year for the fourth consecutive year, as well as Werenoi, who led album sales for the second year in a row.
Germany registered a slight increase for Believe.
Digital revenue showed solid growth for Believe, reflecting “resilient paid-streaming development and some market share gains”, although that was mitigated by the absence of recovery in ad-funded streaming in emerging markets and negative currency impact.
While paid streaming trends remained solid throughout the year, the positive effect of price increases that DSPs implemented in 2023 faded away in the first half of 2024. In its financial results, Believe noted that “the anticipated new wave of price increases did not happen”.
The group further expanded its global reach with the launch of new imprints – PlayCode in Japan, Krumulo in Indonesia – and growth of its labels’ roster in Turkey, France, India and Eastern Europe.
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