BERLIN (CelebrityAccess) — Bertelsmann’s BMG reported growth in revenue and sales for the first half of 2023, bolstered by strong performances from its music publishing and recorded music divisions.
According to BMG’s parent, Bertelsmann, BMG reported revenue of 414m for the first half of 2023, up by 11.5 percent from the previous year.
EBITDA improved by 23.2% year-over-year to 90m and represented a margin of 21.7% for the quarter.
According to BMG, music publishing was the key driver of revenue during the first half of the year, generating 62% of the company’s overall revenue during the period. Recorded music accounted for 34% of revenue for H1, followed by broader rights, which came in at 4% during the period.
BMG noted that their music publishing performance was boosted by 15 key acquisitions during the period, including the recorded catalog of The Hollies, Paul Simon’s recorded music interests in Simon & Garfunkel and the writer’s share of royalties of SNAP!’s Michael Münzing, among others.
In announcing the results, BMG CEO Thomas Coesfeld stated:
“This is a strong performance in the face of an increasingly tough market. We achieved double-digit growth in both revenues and EBITDA. We struck 15 acquisition deals with artists and writers including The Hollies, Paul Simon and SNAP! And we scored significant success with clients including Kylie Minogue, Rita Ora, Jason Aldean, Mura Masa, Jelly Roll, Lewis Capaldi and Godsmack.
“Against the background of a soft advertising market, a maturing subscription streaming business and a physical music market impacted by inflation-driven cost increases, this is a very positive result.
“With a continuing strong performance from our catalogue and a dynamic release slate including new material from Kylie Minogue and Jason Aldean, we are cautiously optimistic for the year-end.
“BMG has successfully carved out a distinctive position for itself as the most service-driven and artist-friendly music company. We plan a series of measures to further enhance that USP.“
