Having gone public earlier this year, distributor Believe will be providing quarterly updates on its business. The latest came yesterday with its figures for the first half of 2021, during which its revenues grew by 33% year-on-year to €260m (around $306.6m). 91% of those revenues came from digital sources.
The company breaks down its figures into two services: ‘premium’ and ‘automated’ solutions – the latter being TuneCore. Premium solutions revenues grew by 34% to €243m in the first half of this year, while automated solutions revenues grew by 17% to €17m.
Believe recorded an operating loss of €14m in the first half of this year. For 2021, it is predicting that its revenues will grow by at least 23%.
Not everything is rosy in Believe’s home country however. French industry body SNEP has criticised the company, blaming it for the lack of official figures on the French recorded music market’s first half of 2021.
“Unlike the main distribution players, both majors and independents, Believe has so far not wished to be transparent about its activities in France, making it impossible for the first time to publish reliable data,” said SNEP. Ouch.