Distributor Believe published its annual financial results yesterday, and they showed a strong 2022 for the company. Its revenues grew 31.8% to €760.8m (around $807.4m at current exchange rates) last year, with the company claiming that it is still outperforming the commitments it made when it went public in 2021.
“We grew our market share; we improved profitability; we generated significant cash flow from our operations,” said CEO Denis Ladegaillerie of 2022. “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.”
Believe’s operating loss grew slightly, from €19.6m in 2021 to €22.3m in 2022.
Another notable stat from the financials: Believe’s fastest growing region is APAC / Africa, where revenues grew by 52.7% year-on-year to €199.3m.
Meanwhile, Believe is now serving around 1.3 million artists either directly or via labels.
