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Believe Music

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Believe
Company typePublic
Euronext Paris: BLV
IndustryMusic
FoundedApril 7, 2005; 19 years ago (2005-04-07)
HeadquartersParis, France
Number of locations
50 countries
Area served
Worldwide
Key people
  • Denis Ladegaillerie (Chief Executive Officer and founder)
  • Xavier Dumont (Chief Financial & Strategy Officer)
  • Béatrice Dumurgier (Chief Operating Officer)
Services
Revenue€760 million (2022)
Number of employees
1 650 employees (2023)
Websitebelieve.com
Footnotes / references
[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

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Beginnings

[edit]

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

[edit]

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

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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.[34] 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

[edit]

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.[59][60]

In late-April 2023, Believe revealed that it was exploring numerous artificial intelligence partnerships.[61] Indeed, Believe tends to focus on how AI can efficiently help the company implement its main functions, marketing and promotion.[62]

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.[63][64] 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'.[63]

Artists

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Believe's strategy includes scouting out singers and helping them launch their careers online.[65] In August 2023, it was reported that Believe included 1.3 million artists.[66]

Awards

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In September 2019, the French government identified Believe as one of the 40 most promising French start-ups, with the French Tech Next40 index.[67] In October 2019, Believe was named Europe’s “Allstar” Company at the 17th Annual Investor Allstars Awards in London.[68]

[edit]

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.[69] Concerning the copyright and its management, Believe submits content under its license and available on YouTube through the Content ID algorithm,[70] YouTube's automatic-identification system that detects copyright-protected content on the platform.[71] If the system finds a match, a Content ID claim is applied to the matching content.[72] 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. [73]

References

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