BERLIN, Germany (CelebrityAccess) — Flying high with the help of strong streaming tailwinds, BMG Rights Management (BMG) reported revenue €507 million, up from €416 million last year, an impressive improvement of 21.8 percent over 2016.
BMG’s parent company Bertelsmann, attributed BMG’s performance to higher revenues across all market segments and regions through organic growth and acquisition, especially in the recorded music business and in the British, US and Australian publishing business.
BMG also reported improvement in the company’s earnings before interest, taxes, depreciation, and amortization as well, rising by 9.5 percent to €104 million vs last year’s €95 million. The improvement was driven by the recorded music business in the U.S., as well as by the publishing business in the United Kingdom and the United States.
BMG’s strong performance for the year was bolstered by other factors as well, including key acquisitions, including BBR Music Group in January, which includes the country music labels Broken Bow Records, Stoney Creek Records and Wheelhouse Records, as well as the music publisher Magic Mustang Music, providing BMG with a significant presence in Nashville.
BMG also secured the rights to several major catalogs in 2017, including Chrissie Hynde, founder, and singer of the British rock band The Pretenders, and added artists including Nickelback, Morrissey and Avril Lavigne to its recorded music roster.
Outside of the U.S., expanded its international footprint with new deals in China, including a partnership with mobile social network Momo with an eye towards pairing developing Chinese artists with BMG songwriters.
BMG also developed a mobile app in 2017 that allows songwriters to quickly access live updating information about their royalties.