Business continues to be very good for distributor Believe, which announced its Q3 2022 financial results yesterday. The company’s revenues grew 36.9% year-on-year to €197m.
This included impressive increases both for Believe’s main ‘premium solutions’ business (up 36.2% to €184.4m) and its ‘automated solutions’ arm – TuneCore (up 46.8% to €12.6m).
No surprises to see digital accounting for 93.7% of the group’s revenues, with Believe citing “continued growth in paid streaming, notably in emerging markets, and better monetization of ad-funded streaming services, even if the growth rate of ad-funded revenues has been weaker compared to the previous quarters as expected”.
Non-digital revenues may be just a small part of Believe’s business, but they’re growing too: up 6.1% with merch, live and sync playing a part.