Believe Music Explained

Believe
Industry:Music
Type:Public
Hq Location:Paris, France
Num Locations:50 countries
Area Served:Worldwide
Key People:
  • Denis Ladegaillerie
  • Xavier Dumont
  • Béatrice Dumurgier
Revenue:€760 million (2022)
Num Employees:1 650 employees (2023)
Footnotes:[1] [2] [3] [4]

Believe (also known as Believe Music; previously known as Believe Digital) is a global digital music company headquartered in France.[5] [6] Believe has several brands including TuneCore, Nuclear Blast, Naïve, Groove Attack, Play Two and AllPoints.

Believe exists in more than 50 countries[7] in Europe, America, Asia and Africa.[8]

History

Beginnings

The company was founded in 2005 by Denis Ladegaillerie, Arnaud Chiaramonti and Nicolas Laclias.[9]

The company operates from Paris, and was introduced on Euronext marketplace in June 2021 and it raised 300 million euros.[10] [11] Believe also has a subsidiary in Luxembourg (Believe International) which serves as a hub for the digital distribution.

Growth

Believe's expansion was fuelled by $60m growth capital investment from Ventech, Technology Crossover Ventures (TCV) and XAnge]. In August 2016, the company acquired the French independent label Naive Records for €10m, seeking to improve value from the company's extensive back catalogue, and restarted the label's issuing of new recordings as physical CDs in 2017.

In 2019, Believe expanded its presence in both Russia and India. The Group's market shares in these countries are 25% and 15% respectively. In India, there are Bollywood stars in the Group's catalog, like Ayushmann Khurrana.[12]

In 2021, Believe generated $682M in annual revenues,[13] increasing compared to the previous year.[13] [14]

By the end of 2022, Believe demonstrated its growth model. The organic growth target of 2022 raised for the second time to over 30% and was expected to exceed the targets set at the Initial Public Offering (IPO).[15] Believe's performance in 2022 witnessed an acceleration in growth as compared to the prior year. Indeed, the company increased revenues by €135.8 million (30.7% Year-over-Year), from €441.4 million in 2020.[16] Accordingly, Believe's 2022 revenue increased to reach €452.4 million in Europe, €199.3 million in Asia-Pacific and Africa, and €109.2 million in the Americas.[17]

In 2023, it was reported that Believe has exceeded the milestone of €1 billion in digital music sales (DMS) for 2022,[18] [19] which reflected the effectiveness of Believe's business model and strategy that mainly seek to support artists and labels at each stage of their careers.[20] [21] The same year, it was also reported that Believe has one of the highest growth rates in the music streaming industry due to its digital positioning and its proactive investment strategy in emerging areas, particularly Asia.[22]

In 2023, Believe announced €760 million in sales for 2022.[23] [24]

Acquisitions and affiliates

In 2015, Believe announced the acquisition of Musicast.[25] [26] The same year, TuneCore, the U.S. digital distribution company is acquired by Believe Digital.[27] [28]

In 2016, Believe acquired Naïve.[29]

In 2017, Believe Recordings became AllPoints[30] and developed its production sector with the launch of 3 labels:[31] All Points, Naïve and Animal 63.[32]

In 2018, Believe acquired a majority stake in the German metal label Nuclear Blast.[33] [34] Also, Believe acquired the German label Groove Attack. The same year, it took 49% stake in Lili Louise Musique, then, in September 2018, Believe acquired a 49% stake in French indie label Tôt ou Tard from Wagram Music.[35]

In 2019, Believe acquired Mumbai live event production specialist Entco, and rebranded the company “Believe Entertainment”.[36] [37] The same year, Believe acquired three other Indian companies : Bollywood music specialist Venus Music Private Ltd [38] which includes well-known Bollywood movie trailers,[39] Entco Music Private Ltd.(production of live events) and Canvas Talent Private Ltd, India-based artist services, development and booking company,[40] specialized in services for artists. In the same year, Believe took 49% stake in 6&7 SAS.

In 2020, the company acquired a majority stake (60%) in the Turkish Doğan Music Company, for €18.8 million, a stake in Ircam Amplify, an entity of the Institut de Recherche et de Coordination Acoustique/Musique (IRCAM), and the assets of SoundsGood, specialized in the creation of playlists on streaming platforms.[41] The same year in February, Believe and Nuclear Blast launched Blood Blast distribution which would offer dedicated distribution to digital streaming and download platforms and help artists as well as brands make their music accessible to audiences worldwide.[42] [43]

In 2021, Believe took a 25% stake in Play Two, France's leading independent music label and a subsidiary of the TF1 Group.[44] [45] The same year, Believe acquired 15% stake in Philippines-based Viva Music And Artists Group,[46] [47] 51% stake in French Indie label Jo&Co,[48] [49] and a 76% stake in South India-based label Think Music.[50] Also in 2021, it was reported that Believe made 18 acquisitions in the previous six years.[51]

In March 2023, Believe acquired the British music publisher Sentric Music for $51 million.[52] Believe's acquisition of this tech-powered music publishing platform reflected its plans to move into music publishing.[53]

Believe's inclination towards publishing is seen in its recent investments in Europe, India and Asia to globally expand and develop.[54] For example, Believe partnered with the French pop label Structure and the Germany-based brand Madizin Music. Believe also formed a partnership with the Indian label Panorama Music.[55]

In March 2024, Warner Music Group revealed that it had placed a bid to acquire Believe, in a deal valued at 17 euros per share, or roughly 1.65 billion euros.[56] In April 2024, WMG cancelled its bid.[57]

Activities

In September 2022, YouTube launched its new option 'Creator Music' and Believe was among its independent partners.[58]

In March 2023, it was announced that Believe is launching a new distribution unit, Avant-Garde, to help different French labels, artists and producers in the diverse genres of Rap, Afro and R&B.<ref>Web site: Believe ouvre une cellule de distribution pour aider ses artistes . 19 August 2023 . Générations. [59]

In late-April 2023, Believe revealed that it was exploring numerous artificial intelligence partnerships.[60] Indeed, Believe tends to focus on how AI can efficiently help the company implement its main functions, marketing and promotion.[61]

In May 2023, Believe was among global distribution partners of TikTok to launch its 'Artist Impact Program' which enables artists to participate in TikTok's Commercial Music Library and allows them to add trending songs to this Commercial Music Library with the possibility of monetizing their music.[62] [63] More precisely, Believe was part of the Commercial Music Library's network of partnerships that supported the realization of TikTok's program devoted to 'discovering and rediscovering artists'.

Artists

Believe's strategy includes scouting out singers and helping them launch their careers online.[64] In August 2023, it was reported that Believe included 1.3 million artists.[65]

Awards

In September 2019, the French government identified Believe as one of the 40 most promising French start-ups, with the French Tech Next40 index.[66] In October 2019, Believe was named Europe’s “Allstar” Company at the 17th Annual Investor Allstars Awards in London.[67]

Copyright controversy

Believe has been accused of copyright trolling, particularly on YouTube, where it has been alleged to engage in claiming copyright for works that are either copyright free or that they do not own the rights to. The company was the subject of a New York federal lawsuit alleging that they were behind large scale, willful copyright infringement.[68] Concerning the copyright and its management, Believe submits content under its license and available on YouTube through the Content ID algorithm,[69] YouTube's automatic-identification system that detects copyright-protected content on the platform.[70] If the system finds a match, a Content ID claim is applied to the matching content.[71] Despite the previous lawsuit, Believe Music has persisted in making copyright claims even on music very clearly in the public domain and on songs by independent artists. [72]

Notes and References

  1. News: Believe donne de la voix en digital . . March 31, 2022 . September 16, 2023.
  2. News: Béatrice Dumurgier appointed Chief Operating Officer of Believe . . September 12, 2022 . September 16, 2023.
  3. News: Believe publie un chiffre d’affaires de 760 millions d’euros pour 2022, et améliore sa rentabilité . . September 16, 2023.
  4. News: Profil société de Believe . . September 16, 2023.
  5. Web site: Digital music company Believe acquires Think Music . 2022-09-06 . Financialexpress . en.
  6. News: Kar-gupta . Sudip . Barzic . Gwénaëlle . 2021-05-10 . Digital music company Believe plans Paris stock market debut . en . Reuters . 2022-09-06.
  7. Web site: Le label musical Believe veut lever 500 millions grâce à son entrée en Bourse . 20 September 2023 . BFM Bourse.
  8. Web site: Believe generated revenues of $182m in Q1, up 30.9% YoY . 20 September 2023 . Music Business Worldwide.
  9. Web site: Believe Digital, la pépite française de la musique qui fait de l'ombre aux majors. L'Expansion. fr. 28 May 2015. 1 Jun 2021.
  10. Web site: 2021-06-09 . Believe successfully raises €300m in Paris IPO, giving TuneCore owner a market cap of €1.9bn . 2022-09-04 . Music Business Worldwide . en-US.
  11. Web site: Believe generated €1bn in Digital Music Sales last year . 8 August 2023 . Music Business Worldwide.
  12. Web site: Le français Believe veut devenir le " Publicis de la musique " . 1 October 2023 . Les Echos.
  13. Web site: 2022-03-17 . Believe generated $682m in annual revenues last year, up 30.7% YoY . 2022-09-14 . Music Business Worldwide . en-US.
  14. Web site: Adam . Nick J. . 2021-09-15 . Believe revenues jump 30% in H1 2021 to over $300 million - Music Business Worldwide . 2022-09-14 . TechiLive.in . en-US.
  15. Web site: Musique, Believe : superstar . 10 September 2023 . Les Echos.
  16. Web site: Believe generated $800m in annual revenues in 2022, up 31.8% YoY . 10 September 2023 . Music Business Worldwide.
  17. Web site: Believe Posts 32% 2022 Revenue Jump As Asia-Pacific and Africa Income Cracks $200 Million . 29 September 2023 . Digital Music News.
  18. Web site: Believe generated €1bn in Digital Music Sales last year . 26 September 2023 . Music Business Worldwide.
  19. Web site: Believe Generated Over $1 Billion From ‘Digital Music Sales’ During 2022, Execs Announce . 26 September 2023 . Digital Music News.
  20. Web site: Believe atteint 1 milliard d’euros de digital music sales . 26 September 2023 . Boursorama.
  21. Web site: Believe Hits €1 Billion Digital Music Sales . 26 September 2023 . Yahoo!Finance.
  22. Web site: BELIEVE . 26 September 2023 . Zonebourse.
  23. Web site: Believe publie un chiffre d’affaires de 760 millions d’euros pour 2022, et améliore sa rentabilité . 28 September 2023 . MusicBiz.
  24. Web site: Profil société de Believe . 28 September 2023 . ABC Bourse.
  25. Web site: 2015-12-29 . La maison de disques Believe rachète Musicast et se renforce dans la musique urbaine . 2022-09-06 . Les Echos . fr.
  26. Web site: Durand . Corentin . 2017-07-07 . Believe : pourquoi le géant de la musique numérique derrière Jul et The Blaze lance trois labels . 2022-09-06 . Numerama . fr-FR.
  27. Web site: 2015-05-28 . Believe Digital, la pépite française de la musique qui fait de l'ombre aux majors . 2022-09-08 . LExpansion.com . fr.
  28. Web site: 2015-09-01 . Tunecore launches in the UK, charging £19.99 per album upload . 2022-09-08 . Music Business Worldwide . en-US.
  29. Web site: 2021-06-01 . Le label de musique Believe revoit ses ambitions en Bourse à la baisse . 2022-09-08 . BFM Bourse . fr.
  30. Web site: Believe Recordings n’est plus. Vive Allpoints ! . 28 September 2023 . L'écume des Sons.
  31. Web site: Believe : pourquoi le géant de la musique numérique derrière Jul et The Blaze lance trois labels . 28 September 2023 . Numerama.
  32. Web site: La société Believe lance trois labels de musique . 28 September 2023 . Le Point.
  33. Web site: 2021-06-10 . Believe : Le groupe d'édition musicale Believe recule en Bourse après une introduction en bas de fourchette . 2022-09-10 . BFM Bourse . fr.
  34. Web site: Believe . 8 August 2023 . Music Business World.
  35. Web site: Wagram Music se réorganise en opérateur global . 8 August 2023 . Le Monde.
  36. Web site: Grace . Anna . 2019-09-24 . Believe buys Indian event production company Entco . 2022-09-11 . IQ Magazine . en-GB.
  37. Web site: Khatri . Bhumika . 2019-09-18 . French Startup Believe Sets Up Base In Indian Live Music Market With Entco Acquisition . 2022-09-11 . Inc42 Media . en.
  38. Web site: Paris-based Believe acquires Venus Music . 13 August 2023 . The Economic Times.
  39. Web site: Digital Music Giant Believe Acquires India’s Venus Music, Rebrands it Ishtar . 26 August 2023 . Yahoo!.
  40. Web site: 3 things to know about Believe’s finances, as it launches IPO at a €2 billion company valuation . Music Business Worldwide.
  41. Web site: 2021-06-01 . 3 things to know about Believe's finances, as it launches IPO at a €2 billion company valuation . 2022-09-12 . Music Business Worldwide . en-US.
  42. Web site: Believe and Nuclear Blast team up to launch Blood Blast Distribution ‘dedicated to extreme music’ . 3 September 2023 . Music Business Worldwide.
  43. Web site: Nuclear Blast and Believe launch new distribution offering Blood Blast . 3 September 2023 . Music Week.
  44. Web site: 2021-11-03 . Play Two Annonce Un Partenariat Stratégique Avec Believe . 2022-09-13 . groupe-tf1.fr . fr.
  45. Web site: 2021-11-04 . Believe acquiert une participation de 25% dans le label Play Two, filiale de TF1 . 2022-09-13 . Capital.fr . fr.
  46. Web site: 2021-12-02 . Believe acquires 15% stake in Philippines-based Viva Music and Artists Group for $26m . 2022-09-13 . Music Business Worldwide . en-US.
  47. Web site: Smith . Dylan . 2021-12-02 . Believe Acquires 15% of Philippines-Based Viva Music and Artists Group . 2022-09-13 . Digital Music News . en-US.
  48. Web site: Believe prend une participation majoritaire dans Jo&Co . 2022-09-13 . Boursier.com . fr.
  49. Web site: 2022-01-04 . Believe acquires 51% stake in French indie label Jo&Co . 2022-09-13 . Music Business Worldwide . en-US.
  50. Web site: 2021-11-29 . Believe : Prise de contrôle de l'indien Think Music . 2022-09-13 . BFM Bourse . fr.
  51. Web site: Digital music company Believe plans Paris stock market debut . 3 September 2023 . Reuters.
  52. Web site: Believe blasts into publishing, buying $51m-valued Sentric . 19 August 2023 . Music Business Worldwide.
  53. Web site: Believe Moves Into Music Publishing With The Acquisition Of The Digital Music Publishing Platform Sentric . 19 August 2023 . Celebrity Access.
  54. Web site: Believe Breaks Into Publishing By Acquiring UK-Based Sentric Music Group . 26 October 2023 . Billboard.
  55. Web site: Believe has cash ‘firepower’ for acquisitions in 2023. What’s it going to buy? . 26 October 2023 . Music Business Worldwide.
  56. Web site: Warner Music plans 1.65 bln euro bid to buy France's Believe . 2024-04-05.
  57. Web site: Schneider . Marc . 2024-04-08 . Warner Music Won’t Bid for Believe After All . 2024-07-25 . Billboard . en-US.
  58. Web site: YouTube announces Creator Music, a new way for creators to shop for songs for use in videos . 26 August 2023 . TechCrunch.
  59. Web site: Believe lance sa nouvelle cellule de distribution, Avant-Garde . 19 August 2023 . Booska-P.
  60. Web site: TuneCore Partners With CreateSafe To Vet and Distribute Grimes AI Music: ‘The Use of AI Allows Artists To Enhance Their Creativity’ . 10 September 2023 . Digital Music News.
  61. Web site: Local artists’ market share is rising on music services, and 3 other things we learned from Denis Ladegaillerie on Believe’s latest earnings call . 10 September 2023 . Music Business Worldwide.
  62. Web site: TikTok launches ‘Artist Impact Program’, inks several distribution deals to connect artists with brands . 10 September 2023 . Music Business Worldwide.
  63. Web site: TikTok Officially Announces the ‘Artist Impact Program’ — Expanding the TikTok Commercial Music Library . 10 September 2023 . Digital Music News.
  64. Web site: Digital music company Believe plans Paris stock market debut . 26 August 2023 . Reuters.
  65. Web site: Musique : Believe continue de tisser sa toile . 26 August 2023 . Les Echos.
  66. Web site: Next40 : Forbes Vous Fait Découvrir Les Pépites De La French Tech. Ménage. Gaëlle. 18 Sep 2019. Forbes France. fr-FR. 20 Nov 2019.
  67. Web site: Investor Allstars (sponsor). A celebration of European tech takes over central London. Sifted.eu. 4 Oct 2019. 20 Nov 2019.
  68. Web site: Smith. Dylan. Tunecore, Believe Digital Sued for Massive and Willful Copyright Infringement. 3 Aug 2020. 1 May 2021. Digital Music News.
  69. Web site: Content ID . 9 November 2023 . Believe.
  70. Web site: From Paris, with love (and some astute market criticisms) . 9 November 2023 . Music Business Worldwide.
  71. Web site: How YouTube Is Fixing Its Most Controversial Feature . 9 November 2023 . Fast Company.
  72. Web site: Allegations against Believe Music . 3 Jan 2023. 3 Jan 2023. YouTube.

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