NEW YORK (CelebrityAccess) — Label services and publishing company BMG announced financial results for 2019 with growth in both profits and revenue for the year.
According to BMG, revenue increased to €600m for the full year, up by %10.1 percent from 2018. During the same period, Operating EBITDA improved by 12.7% to €138m and Operating EBITDA margin was up by 23% for the year.
BMG’s growth in North America was driven largely by its recorded music streaming business, which grew by 62% in 2019 on the strength of albums by artists such as Jason Aldean, Blanco Brown, Keith Richards, Dido, The Cranberries, Andy Grammer, AJR, and Lil Dicky.
In the music publishing business, BMG notched up a successful year, bolstered by songwriters that include Mick Jagger and Keith Richards of the Rolling Stones, Roger Waters as well as Aerosmith frontman Steven Tyler.
BMG also launched a new artist management division in 2019 through a partnership with Shelter Music Group and launched the classical and jazz label Modern Recordings, their first new imprint since the company’s founding in 2008.
As part of their release statement, BMG provided an update on their response to COVID-19, noting that nearly 900 staffers are currently working remotely and that two team members have tested positive for the virus.
They also reported that they are helping to defray the negative impact of the pandemic by making an increased investment in digital marketing.