Believe, a global digital music company, demonstrated strong financial performance in FY 2024 despite challenges in the digital streaming market, particularly the absence of new price increases at major DSPs.

The company reported revenues of 988.8 million euros ($1.073 billion), achieving 12% growth with organic growth exceeding 11.5%. Regional performance varied significantly, with Europe (excluding France and Germany) growing by 23.3% and the Americas by 18%, while Asia/Pacific/Africa showed modest growth of 3.5%.

Key Financial Highlights:

• Adjusted EBITDA: 67.1 million euros (33.5% increase from 2023)
• EBITDA margin: 6.8% (year-over-year improvement)
• Net cash: 139.9 million euros (end of December 2024)
• Digital sales: Strong growth in paid streaming, offset by weak ad-funded revenues

Operational Achievements:

• Over 800 billion streams generated globally
• New imprint launches in Japan and Indonesia
• Expanded label roster in Turkey, France, India, and Eastern Europe
• Improved efficiency in advances paid to labels and artists
• Positive free cash flow generation

Looking ahead, Believe plans to:

• Increase focus on value optimization
• Accelerate controlled investment strategy
• Implement aggressive automation
• Enhance efficiency across operations

The company maintains a strong position in digital music distribution despite market challenges, with solid growth in paid streaming services and strategic expansion in key markets.

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