PARIS, France (CelebrityAccess) — Believe Music, the Paris-based global digital music company, announced strong revenue growth and a return to positive net cash flow in 2022.
According to Believe, the company generated revenues of €760.8 million last year, up by +31.8% at the current rate, year over year.
Digital revenue was a key driver for Believe in 2022, with the company reporting €1.1 billion in digital music sales (DMS) for 2022 and with digital revenues up by 34.7% organically during that period.
Believe also saw positive growth in net cash from operations during 2022, swinging from a loss of €7.7 million in 2021 to €73.7 million in the black for 2022.
However, Believe’s operating loss increased in 2022, rising to €22.3 million last year from €19.6 million in 2021.
Believe also noted that the company saw growth in all regions, including APAC/Africa where revenue increased from 130.5 in 2021 to 199.3 in 2022, representing a change of +52.7%. Believe continued to grow in the U.S. and France as well, with both regions seeing revenue growth of more than 30% in 2022.
“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,” stated Believe Founder and CEO Denis Ladegaillerie.
“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,” Ladegaillerie added.