It’s financial results season, including for public music companies. Alongside Deezer, distributor Believe and rightsholder Reservoir Media published their latest numbers yesterday.
Believe’s first-half revenues grew by 17.9% to €415.4m ($453.8m at current exchange rates). That included 18% growth for Believe’s ‘premium’ business, and 17.1% for its ‘automated solutions’ (i.e. TuneCore) business in the first half of this year.
In the results, Believe called out its growth in south east Asia and its investment in AI technologies.
“Generative AI will empower every artist to create greater high-quality music while AI-based marketing will give every artist a chance to better target audience,” is its view on the latter.
As for Reservoir Media, its financials were for the second quarter only (its fiscal Q1) and saw its revenues grow by 31% year-on-year to $31.8m.
That included 26% growth in its music publishing revenues (to $20.8m) and 37% growth in its recorded music revenues (to $10.4m).
Reservoir ended June with $12.3m in cash and cash equivalents plus $118.2m available for borrowing, while its total debts stand at $325.8m.
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