BMG revealed its financial results for the first half of 2021 yesterday, with its revenues growing by 5.2% year-on-year to €296m ($349.4m). “While publishing revenues continue to reflect the impact of lockdown and were flat, in recordings revenues were up 29.4% on the same period last year and we outperformed the market in both digital and physical in each of our three core markets of the US, UK and Germany,” announced CEO Hartwig Masuch in an email to staff.
He also highlighted BMG’s growth in terms of those employees: “Not only have we avoided lay-offs, furlough and short-time-working, we have continued to invest in building the BMG team, now over 1,000-strong.”
Despite its flat growth, publishing is still the majority of BMG’s business, accounting for 62.9% of its revenues. The company also noted that 65% of its recordings revenues are digital, while that figure is 28% for its publishing activities.