We already know that 2021 was a big year for recorded music growth, based on figures from industry bodies and major labels. Now Believe has added some more evidence with its 2021 financial results.
The company’s revenues grew by 30.7% to €577.2m ($639.2m) last year, fuelled by 33.6% growth for its digital revenue – which is 90.9% of Believe’s overall turnover. Believe also says that it crossed a significant milestone: more than one million artists “served directly or via labels” through its service. That’s up from around 850,000 the year before.
The company also broke down its sales geographically, and notably its fastest growth is coming from the Asia-Pacific/Africa regions, up 63.4% to €130.5m of revenues last year. That meant it overtook revenue from Believe’s home country France (up 18.5% to €96m), and is closing in on Europe (excluding France and Germany) as the company’s biggest geographic region.