Music company BMG’s revenues grew by 7.5% in 2018 to €545m (around $615m) according to the latest financial results published by parent company Bertelsmann.
CEO Thomas Rabe said that organic growth was key to the company’s overall progression. “BMG benefited in particular from the expansion of its recordings business, which grew strongly during the reporting year; the music publishing business also recorded continuing growth,” he said.
Bertelsmann singled out some of BMG’s deals from 2018 as significant, too. “BMG acquired the music production companies Big Bang & Fuzz and World Circuit, and signed new artists including former Beatles drummer Ringo Starr, Lenny Kravitz, and Yusuf a.k.a. Cat Stevens,” noted the parent company, while also calling out Brazil and China as important markets for new signings for BMG.
“Operating EBITDA rose disproportionately by 17.3 percent to €122 million (previous year: €104 million), boosted by the increase in revenues and economies of scale,” added the financials.
More highlights: “BMG songwriters contributed to three of the five biggest summer hits on US radio. BMG Production Music, which provides music specifically for movies, video games and advertising, was expanded and now has a presence in eight territories thanks to new offices in Singapore and Hong Kong.”