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Subscription gains and a string of acquisitions helped Reservoir Media’s fiscal year revenue grow 18% to $144.9 million, beating the company’s guidance from February of $140 million to $142 million, the company announced Thursday (May 30). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the period ended March 31 climbed 20% to $55.6 million, topping guidance of $53 million to $55 million.
Organic growth, which strips out the impact of acquisitions made during the year, was 14% for the full year. Among the company’s catalog purchases during the fiscal year were four members of R&B group The Spinners, Latin music artist Rudy Perez, hip-hop producer Mannie Fresh and 2Pac collaborator Big D Evans. Reservoir also invested in Egyptian company RE Media and Saudi Arabian hip-hop label Mashrex.
Among Reservoir Media’s signings during the year were songwriter Steph Carter, who shares a co-writing credit on Sabrina Carpenter’s “Espresso,” and Rob Ragosta, co-writer of “Need a Favor” by Jelly Roll. The company also landed publishing deals with rock band Kings of Leon and rock legend Joe Walsh.
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The company said it expects fiscal 2025 revenue to be between $148 million and $152 million, which would reflect 3.5% growth at the midpoint. Adjusted EBITDA is expected to be $58 million to $61 million, which implies 7.0% growth at the midpoint.
“Our financial guidance reflects our confidence in growth driving organic growth with our value enhancement efforts and capitalizing on the projected growth of the music industry,” CEO Golnar Khosrowshahi said during Thursday’s earnings call. Some of that organic growth will come from additional price increases at music subscription services, she added: “Looking forward, we are poised to benefit from what we believe will become a regular cadence of price increases across streaming platforms.”
Shares of Reservoir Media jumped 15.5% to $9.00 Thursday morning before falling to $8.26, up 6.1%, by late afternoon.
Elsewhere, full-year publishing revenue at the company rose 15% to $96.2 million. Digital revenue grew 17% to $51.6 million and performance royalties jumped 36% to $22.8 million. CFO Jim Heindlmeyer said the “improvement is largely derived from higher royalty rates and price increases at multiple music streaming services, as well as the expansion of our catalog through M&A.”
Recorded music revenue grew 22% to $42.4 million in the full fiscal year largely due to price increases at subscription services and the timing of Reservoir Media’s release schedule, Heindlmeyer said. While physical revenue climbed 49% to $8.9 million, digital revenue rose 17% to $26.9 million and accounted for the majority of recorded music’s $7.6 million in revenue growth.
Fiscal fourth-quarter revenue grew 12% to $39.1 million. Operating income grew just 2%, however, to $8.8 million, while adjusted EBITDA improved 6% to $16.0 million.
Reservoir’s pipeline of potential acquisitions dropped by 50% to $1 billion, down from $2 billion at the end of December. Khosrowshahi downplayed the change, however, noting the company is seeing “ample deal flow” despite “a couple of larger deals” having moved. Liquidity at the end of the year of $132.3 million from $18.1 million of cash and $114.2 million available in a revolving credit facility “gives us the capital to fund our strategic objectives,” said Heindlmeyer. Added Khosrowshahi, “I’m generally quite optimistic about what that pipeline looks like.”
Led by SZA’s SOS, Travis Scott’s UTOPIA and growth in paid subscription streaming services, Sony Music revenue grew 16.9% to 1.59 trillion yen ($11.05 billion) in its fiscal year ended March 31, its parent company, Sony Corp., reported Tuesday, May 14.
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Sony Music’s revenue topped guidance of 1.56-1.57 trillion yen given in Sony Corp’s previous quarterly earnings in February. Its adjusted operating income before depreciation and amortization (AOIBDA) of 368.7 billion yen ($2.55 billion) also topped guidance of 350-360 billion yen.
The yen-denominated revenue figures were boosted by foreign exchange rates. Of Sony Music’s revenue gain, about 32%, or 76.5 billion yen ($529 million), came from foreign exchange. Both recorded music and music publishing divisions enjoyed higher revenue from streaming services and paid subscriptions — Spotify’s price increase in July 2023, and continued subscriber growth at all platforms, also provided a boost to recent earnings by Universal Music Group and Warner Music Group.
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Recorded music revenue of 1.07 trillion yen ($7.39 billion) was up 20.4% from the prior year. While physical revenue dropped 7.4% to 101.3 billion yen ($701.7 million), streaming jumped 18.5% to 709.5 billion yen ($4.91 billion) and accounted for 66.5% of recorded music revenue, down from 67.7% in fiscal 2022. The “other” category, which includes merchandise, rose 59.8% to 221.4 billion yen ($1.53 billion).
Other top releases for the fiscal year were Bad Bunny’s Un Verano Sin Ti, Harry Styles’ Harry’s House, Miley Cyrus’s Endless Summer Vacation, Luke Combs’ Gettin’ Old, Peso Pluma’s Genesis, Doja Cat’s Scarlet, Rod Wave’s Nostalgia and Beyoncé’s Renaissance.
Music publishing full-year revenue rose 18.1% to 326.7 billion yen ($2.26 billion). Streaming revenue improved 21.1% to 185 billion yen ($1.28 billion) and accounted for 56.6% of publishing revenue, up from 55.2% in fiscal 2022.
Visual media and platform revenue declined 0.4% to 202.1 billion yen ($1.4 billion). Within the segment, gaming revenue fell 9.5% to 98.2 billion yen ($680 million).
Stray Kids’ “Social Path (feat. LiSA)” was the top music release for Sony Music Entertainment Japan for the full fiscal year. Other top releases in Japan were King Gnu’s The Greatest Unknown, SixTONES’ The Vibes and two releases by Nogizaka46: Monopoly and Ohitorisama Tengoku.
For the second straight quarter, Sony Music’s operating income of 301.7 billion yen was the largest of any Sony Corp. business and accounted for about a quarter of the parent company’s total operating income. Although Games & Network Services’ revenue of 4.26 trillion yen ($29.55 billion) was more than 2.5 times Sony Music’s revenue, it had operating income of 290.2 billion yen ($2 billion) – about 4% lower than Sony Music’s operating income.
Even though Sony Corp.’s full-year revenue grew about 13% on a constant currency basis, the company is wary of uncertain business conditions and volatility. As such, Sony Music’s parent company is putting a greater focus on earnings, efficiency and business profitability.
During the earnings call, Sony Corp.’s management discussed the company’s “mid-range plan” that includes a partial spin-off off its financial services division in Oct. 2025 and increasing focus on growth in its three entertainment segments — music, film and games and network services — and its imaging and sensing solutions business. The parent company aims to achieve an annual growth rate of 10% or more in these business segments.
“In the music segment, we continue to aim to grow faster than the market by strengthening our efforts in emerging markets, increasing monetization opportunities for our music catalog, and incorporating adjacent businesses such as merchandising,” said Hiroki Totoki, president, COO and CFO.
Looking ahead to the current fiscal year ending March 31, 2025, Sony Music expects 4% increases in both revenue and operating income.
Sony Music’s fiscal fourth quarter revenue climbed 23.5% to 422.2 billion yen ($2.85 billion). Recorded music revenue in the quarter rose 29.4% to 288 billion yen ($1.94 billion) due to 23.9% growth in streaming revenue and a 91.9% improvement in the “other” category. Music publishing revenue grew 25.5% to 82.9 billion yen ($558.6 billion). Visual media and platform revenue dropped 3.8% to 51.4 billion yen ($346.6 million) due to a 22.2% decline in gaming revenue.
Both SOS and UTOPIA were also Sony Music’s top two albums in the fiscal fourth quarter as well as the full year. Other top albums in the quarter were 21 Savage’s American Dream, Beyoncé’s Cowboy Carter, Bad Bunny’s nadie sabe lo que va a pasar mañana, Peso Pluma’s Genesis, Bad Bunny’s Un Verano Sin Ti, Tate McRae’s Think Later, Justin Timberlake’s Everything I Thought It Was and Harry Styles’ Harry’s House.
Executives of Tencent Music Entertainment Group said on Monday that higher than expected subscriber growth pushed its first quarter profits up 28% to RMB1.53 billion ($212 million). Explore Explore See latest videos, charts and news See latest videos, charts and news Through marketing promotions timed around the Chinese New Year holiday, TME was able to […]
Building a state-of-the-art Sphere venue is “not like building a McDonalds,” Sphere Entertainment Co. chairman and CEO James Dolan said during the company’s earnings call on Friday. “It’s complicated. It’s a very expensive project.”
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The lone Sphere venue in Las Vegas, which cost $2.3 billion to build through delays and cost overruns during the COVID-19 pandemic, generated revenue of $170.4 million in its fiscal third quarter ended March 31, the parent company, Sphere Entertainment Co, reported Friday. Revenue was slightly better than the $167.8 million in the prior quarter. Adjusted operating income was $12.9 million, slightly down from the prior quarter’s AOI of $14.1 million.
Dolan wants to build more Spheres and insists a second venue will materialize. The company is “in discussions with several markets” and has encountered “plenty of interest all around the world,” he said, “but not until we launched the product in September did people really get to see what it was and began to see how it could perform.”
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Sphere will reach an agreement with “at least one of those markets soon,” Dolan added. “How soon I’m not going to predict.”
Sphere, which wowed music fans through residencies by U2 and Phish, attracted nearly one million guests to more than 270 events in the quarter, said Dolan. In addition to concerts, Sphere offers a motion picture, Postcards from Earth, that CFO David Byrnes said generated $100 million in revenue in the quarter. In June, Sphere will host its first corporate event, a keynote address by Hewlett Packard Enterprise president and CEO Antonio Neri, and its first televised event, the NHL draft.
Demand from artists to perform at Sphere is “stronger than we can even accommodate at this point,” Dolan claimed. The company wants to have “a varied number of kinds of acts, not just legacy rock acts,” and “acts that have the biggest draws,” he added.
Dead & Co. begins its 24-date residency on May 16. A residency by the Eagles has not been officially announced but Dolan suggested during the earnings call the band will indeed perform at Sphere.
“Even if you’re not a Deadhead, you’re gonna love that show,” said Dolan when discussing the need to create “compelling” visuals to complement bands’ musical performances. “And I think the same will be true for The Eagles and for the next acts that we bring up.”
Sphere Entertainment Co. had an operating loss of $40.4 million on revenue of $321.3 million. The company’s other segment, MSG Networks, had AOI of $48.6 million, down 17%, on revenue of $151 million, down 6% from the prior-year quarter. The company explained that those figures decreased from the prior-year quarter “primarily due to a 12.5% decrease in subscribers inclusive of the impact of MSG+,” the network’s streaming platform.
iHeartMedia shares fell 36.1% on Thursday after the company’s first-quarter earnings showed continued uncertainty in broadcast advertising mixed with improvements in its digital business.
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iHeartMedia’s loss of 12 cents per share bested analysts’ estimate of a loss of 55 cents per share, according to MarketWatch, and its revenue ($799 million) and adjusted earnings before interest, taxes, depreciation and amortization ($105 million) both fell within the guidance it provided.
CEO Bob Pittman and COO and CFO Rich Bressler reminded listeners to Thursdays’ earnings call that the first quarter is historically the slowest period of the year. They also reiterated the company’s optimism about 2024 and the expected benefits of political advertising in the second half of the year.
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“Although the marketplace continues to be dynamic, with a changing outlook on interest rates, inflation trends and global and domestic uncertainty, we remain confident that this is a recovery year highlighted by the strong momentum and our podcast business and the sequential improvement of our multi platform groups year over year adjusted EBITDA performance,” said Pittman.
The current quarter may be an improvement over the first quarter, but iHeartMedia doesn’t expect much improvement over 2023. Thursday’s guidance for Q2 revenue as “approximately flat” compared to the prior-year quarter’s revenue of $920 million was slightly below analysts’ consensus of $935 million, according to Zacks Equity Research. April revenue is expected to be down 0.4%, Bressler said, and the multi-platform group’s gross revenue is expected to be down “mid-single digits” in the second quarter.
iHeartMedia shares dropped to $1.38 on Thursday, bringing their year-to-date loss to 48.3%. Thursday’s closing price was 70.8% below the stock’s 52-week high of $4.73 established on July 31, 2023.
Another blemish was the first quarter’s free cash flow (FCF) was negative $88 million, although it was improvement from negative $133 million in the prior-year quarter. First-quarter FCF did not include the $101 million iHeartMedia received from the sale of BMI to New Mountain Capital in February.
Total revenue of $799 million was down 1.5% from the prior-year period. The multi-platform group, which includes iHeartMedia’s broadcast radio networks and events business, suffered the biggest declines: revenue fell 6.7% to $493 million and adjusted EBITDA dropped 11% to $77 million.
Led by growth in podcasts, digital audio group revenue rose 7.0% to $239 million and adjusted EBITDA jumped 25.9% to $68.1 million. In the audio and media services division, revenue improved 12.7% to $69.2 million and adjusted EBITDA soared 54.4% to $23.7 million.
Warner Music Group said on Thursday that revenues increased 7% during its fiscal second quarter to $1.5 billion, with the company pointing to the strength of its publishing business and a boost in subscription streaming revenue in recorded music.
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Hits like Teddy Swims‘ “Lose Control” and Benson Boone’s “Beautiful Things” drove an 11% increase in recorded music streaming revenue, including a 13% uptick in subscription streaming revenue. Swims and Boone held the No. 1 and 2 spots on the Billboard Hot 100 songs chart in the first quarter, while Megan Thee Stallion‘s “Hiss” debuted in the No. 1 spot in February.
“This quarter, we saw massive hits from artists across different genres and all stages of development – exactly the kind of mix we want,” said WMG CEO Robert Kyncl on a call with investors. “[The increase in streaming revenue] was driven by stronger music performance as well as subscriber growth and subscription price increases.”
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Recorded music revenue grew by 4% to $1.19 billion overall in the quarter compared to a year ago, as the termination of Warner’s distribution agreement with BMG was a drag on the division’s streaming and digital revenue growth and made for a challenging year-ago comparison. Excluding the impact of BMG terminating its distribution agreement and not renewing its digital license deal with WMG, total revenues were up 8.8%.
Music publishing revenue grew by 19% to $306 million as WMG songwriters’ contributions to hits like Jack Harlow’s “Lovin On Me,” Ariana Grande’s “We Can’t Be Friends” and Kanye West and Ty Dolla $ign’s “Carnival” drove a more than 30% uptick in music publishing streaming revenue.
Kyncl said Warner’s growing global market share in music publishing was thanks to organic growth — like signing decorated British singer/songwriter Raye early in her career. But it was the company’s inorganic growth plans that generated the first question from analysts on the company’s earnings conference call.
In April, WMG called off plans to submit a binding offer to acquire French music company Believe.
“We decided not to pursue it for a variety of reasons that I cannot go into,” Kyncl said in response to an analyst’s question about the decision. “We have a clear strategy in expanding our offerings to serve more artists across a wider array of their careers. We are building against that … We always look at ways to accelerate beause all of this work takes time. Any time there is an option in the market to accelerate our roadmaps, we will look at it.”
Ultimately, the acquisition and bidding process for Believe pushed Warner to disclose publicly it was considering making an offer, but the time WMG had to conduct due dilligence was brief and “not in our control,” Kyncl said, which also played a part in WMG walking away.
The company is “staying vigilant about M&A opportunities” that could enhance it’s goal of providing “lower-touch services that many independent artists, labels and songwriters rely on.”
Warner Chappell announced a partnership with BandLab and its artist service platform ReverbNation that aims to provide administration and a full-service JV tier to develop BandLab’s most promising writers.
A former YouTube executive and advocate for technology and music, Kyncl ended the call with a plug for “Where That Came From,” an AI-generated song by Grammy-award winning country star Randy Travis. Travis has suffered from aphasia since 2013, limiting his ability to sing. That he was able to release new music for the first time in years last week, was “a wonderful example of what is possible with AI,” Kyncl said.
Helped by paid music subscriptions and a strong performance from its music publishing division, Universal Music Group generated revenue of 2.59 billion euros ($2.8 billion) in the first quarter of 2024, a 5.8% increase (7.9% at constant currency) over the prior-year quarter, the company announced Thursday (May 2).
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Notably, UMG’s margins improved from a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) improved 13.2% to 591 million euros ($640 million). As a percent of revenue, adjusted EBITDA margin was 22.8%, up 1.5 percentage points from 21.3% from the first quarter of 2023.
CFO Boyd Muir attributed the margin improvement to revenue growth and a change in product mix — namely, less physical sales — but during Thursday’s earnings call he cautioned “not to read too much into any one quarter” and urged investors to look at trends over longer periods.
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The quarterly earnings release arrived a day after UMG announced a new licensing deal with TikTok. Analysts probed for insights into the economics of the agreement and possible impacts to UMG’s financial statements. Executives declined to provide details about the deal but insisted it provides fair value relative to other short-form video platforms.
Michael Nash, UMG’s executive vp/chief digital officer, said the new TikTok deal is “a substantial improvement” from the previous one and the revenue “does markedly improve for our last deal.” Some of the deal’s value is difficult to quantify, however. Nash added the new agreement contains “aspects of economic value” — such as ad credits, data and marketing programs — that won’t show up in future financial statements.
Each of the company’s divisions — recorded music, music publishing and merchandise — showed improvements in the first quarter. “This broad-based growth continues to underpin our confidence about the longer-term health of our business,” said Muir.
Subscription services were a main driving force in UMG’s quarter. Recorded-music subscription revenue grew 10.7% to 1.12 billion euros ($1.2 billion) and accounted for 43.3% of total company revenue, up from 41.4% in the fourth quarter of 2023. Recent price increases by Spotify, Apple Music and Amazon Music weren’t the only — or the primary — factor. “Subscriber growth is the biggest driver of the year-over-year growth rates we see at UMG,” said Muir.
Total streaming revenue grew at a slower rate, however, gaining 8.9% to 343 million euros ($371 million). Speaking about ad-supported streaming, Muir said he is “encouraged” by improvements but “cautious” about growth “until we see a consistent broad-based improvement across all partners and across all geographies and probably over a more consistent, longer-term timeframe.”
Total recorded-music revenues grew just 3.4% to 1.99 billion euros ($2.15 billion). Top sellers in the quarter came from Taylor Swift, Noah Kahan, Morgan Wallen, Ariana Grande and Olivia Rodrigo. Physical revenue in the recorded-music segment dropped 18.5% to 255 million euros ($276 million). (Taylor Swift’s The Tortured Poets Society, which sold 859,000 vinyl copies in its first week of release, will impact UMG’s second quarter results.) Muir explained the decrease in physical sales stemmed from particular strong physical sales in Japan in the prior-year quarter. Licensing and other revenue fell 1.8% to 222 million euros ($240 million).
Music publishing revenue jumped 16.7% to 496 million euros ($537 million) thanks to digital revenue’s 22.9% increase to 284 million euros ($307 million). Performance revenue’s 26.7% increase to 114 million euros ($123 million) more than compensated for synch revenue’s decline of 10.1% to 62 million euros ($67 million)
Merchandising revenue grew 6.5% (7.5% at constant currency) to 114 million euros ($123 million). Touring merchandise sales increased while direct-to-consumer sales and retail sales declined.
The company remains on track to realize 75 million euros ($80 million) in cost savings in 2024, said Muir. In February, the company announced a plan to save $270 million annually through organization redesign and layoffs. As part of the redesign, UMG created label operations on the coasts under the leadership of two top executives. On the East Coast, Republic Corps is led by Republic Records co-founder Monte Lipman. On the West Coast, Interscope Capital Labels Group is helmed by John Janick, previously the chairman/CEO of Interscope Geffen A&M.
K-pop giant HYBE posted its lowest total revenue in two years as its recorded music segment sank to its lowest level in seven quarters, the South Korean company announced Thursday (May 2).
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HYBE had first quarter revenue of 360.9 billion won ($271.5 million), down 12.1% year over year and the lowest since posting 285 billion won ($214.4 million) in the first quarter of 2022. Operating profit fell precipitously to 14.4 billion won ($10.8 million), down 72.6% from the prior-year period.
HYBE’s share price was barely affected by the slowest quarter in years. The share price initially rose 1.7% to 205,500 won ($149.23) but my midday had fallen to 201,500 ($146.33), down 0.2%. The stock is down 13.7% year to date, however, and fell 12.6% last week following news that HYBE will report the CEO of its ADOR imprint, Min Hee-jin, to the police for “breach of trust and other related allegations.”
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Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of profitability that strips out non-cash items, was 39.8 billion won ($29.9 million), down 45% year over year and the lowest since the first quarter of 2021.
Concerts revenue of 44 billion won ($33.1 million) was up 74.5% year over year. Although that was the biggest year-over-year increase of any category, the first quarter of 2023 was abnormally slow. HYBE’s latest quarter was on par with 45.3 billion won ($34.1 million) of concert revenue in the fourth quarter of 2021, the first quarter the company had performances after COVID-19 restrictions shut down the touring industry.
Recorded music, the company’s largest segment at 40.2% of total revenue, fell 21.3% to 145.1 billion won ($109.2 million). HYBE successfully debuted two new groups during the quarter. Sparkling Blue, the debut EP by PLEDIS Entertainment boy band TWS, sold 260,000 units in its first week for and accumulated 500,000 units in the first nine weeks of release. Girl group ILLIT’s EP, Super Real Me, released through BELIFT LAB, sold 380,000 units in its debut week and reached the 500,000-unit mark in just four weeks. The single “Magnetic” debuted at No. 91 on the Billboard Hot 100 singles chart in April.
Merchandising and licensing fell 11.9% to 60.7 billion won ($45.7 million). Contents fared worse, dropping 29.8% to 61.1 billion won ($46 million).
Weverse, HYBE’s social media platform, saw its monthly active users (MAUs) decline for the second quarter. After reaching a peak of 10.6 million MAUs in the third quarter of 2023, MAUs fell to 10.1 million in the fourth quarter and 9.2 million in the first quarter. Both average revenue per paying user and payment amount fell below levels reached in 2022 and 2023; HYBE does not provide specific numbers for either metric.
French music streamer Deezer reaped the benefits of its price increases as its first-quarter revenues grew 15.0% to 132.5 million euros ($143.5 million at the average exchange rate for the period). Average revenue per user (ARPU) also improved for direct subscribers and business-to-business subscribers from partners including Brazilian mobile carrier TIM and French retailer Fnac Darty.
Deezer raised subscription prices in France, its largest market, in January 2022 and other markets later in the year. After Apple, Amazon, YouTube and Spotify all followed with their own increases, Deezer raised its prices again in September 2023.
In the first quarter, ARPU for direct subscribers grew 6.4% to 5.1 euros ($5.50) as the latest price increase was implemented for over 75% of them, while ARPU from partnerships improved 5.5% to 2.9 euros ($3.1). Both ARPU figures have grown considerably in the last two years. Since the first quarter, direct ARPU has grown 13.3% from 4.5 euros ($4.9) and partnership ARPU has improved 20.8% from 2.4 euros ($2.6).
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Partnerships produced most of Deezer’s revenue growth in the quarter. While direct revenue from paid subscriptions grew 5.2% to 86 million euros ($93.1 million), partnerships revenue grew 40.3% to 43.3 million euros ($46.9 million); Deezer provides its streaming platform for its partners’ branded products. The company attributed partnerships growth to a recent deal with Mercado Libre in Latin America, RTL in Europe and Sonos. The company also renewed deals with TIM and Fnac Darty in the quarter.
The first quarter improvement “highlights clear momentum and evidence that our strategy is on point,” said interim CEO Stu Bergen in a statement. “By delivering unique experiences to music fans worldwide, Deezer delivers value and innovation to all our stakeholders. We continue to be a catalyst for positive change, challenging the status quo in remuneration and pricing, while maintaining our unwavering support for artists and songwriters.”
France accounted for the majority of Deezer’s revenue (57.4%), though revenue in the country grew just 8.5% to 76.1 million euros ($82.4 million) from the prior-year period. Revenue in the rest of the world jumped 25.2% to 56.4 million euros ($61.1 million) and accounted for 42.6% of revenue, up from 39.1% of revenue in the first quarter of 2023.
Although a relatively minor player on the global music streaming stage, Deezer has been influential in the music industry’s efforts to make streaming a more sustainable endeavor for musicians. In 2023, Universal Music Group partnered with Deezer for an artist-centric royalty scheme that aims to provide better royalties for professional musicians. Independent rights group Merlin followed in March.
Part of providing better remuneration to professional artists is removing non-music tracks (also called functional music) from the platform and Deezer’s earnings release confirmed the company has removed over 26 million tracks (non-artist content, noise and duplicates) since October 2023. The company also “enforc[es] a stricter provider policy to ensure exceptional quality content and elevate the user experience,” according to the release.
Looking ahead, Deezer maintained its previous guidance given in February: Adjusted EBITDA is expected to be better than -15 million euros (-$16.2 million) — about half of the -29 million euros (-$31 million) in 2023 — and revenue growth is expected at 10%, which would be an improvement from the 7.4% revenue growth it saw in 2023.
Believe reported strong first-quarter revenues of €230.3 million ($248.5 million) on Wednesday (April 24) despite foreign exchange fluctuations that led to slower organic growth compared to the final quarter of last year. The company reported an adjusted organic growth rate of 16.1%, which was in line with guidance, although down from 21.8% adjusted growth in […]