It’s quarterly-financials time, and Believe’s latest numbers show further growth for the company.
It generated €215m (around $227.6m at current exchange rates) of revenues in the third quarter of 2023, up 9.1% year-on-year.
“Healthy paid streaming growth continued,” reported Believe in its financials announcement, although it noted that the company’s revenues took a hit from “accelerated strengthening of the euro combined with soft ad-funded streaming monetisation in certain geographies”. Those geographies being Europe and Asia.
Believe’s breakdown of its figures revealed that its ‘premium solutions’ division saw revenues grow by 10.1% year-on-year to €202.9m.
However, its ‘automated solutions’ division – that’s TuneCore – saw its revenues fall by 4.5% year-on-year to €12.1m. Believe said this was where currency headwinds kicked in.
Southern Europe, eastern Europe and Turkey were particularly strong for Believe in Q3 this year, helping it to grow its revenues from Europe (excluding France and Germany) by 25.9% year-on-year.