Well positioned to benefit from a creator-powered music revolution, Paris-based DIY company Believe has posted a massive gain for H1 2023. The "digital end-to-end" music business recorded revenue of $458.2 million – 17.9% growth over the previous year. 

Why it matters: Believe is geared towards independent artists, offering a framework for small-scale creators to record, distribute and monetize their own music without the need for a traditional record label. Companies like Believe are poised to benefit from a booming industry with more room for non-traditional players — and perhaps take advantage of AI.

The numbers: Believe’s "Automated Solutions" (their Tunecore DIY distribution division) grew 17.1%. Their “Premium Solutions” division revenues grew 18%. Revenue in the Americas grew by 21.7% year-over-year (14.6% of total revenue), while Europe (excluding France and Germany) grew by 23.9%, France grew by 12% and Asia Pacific and Africa grew 23.6% YoY.

The company cites "a significant level of signings" by new artists and indie labels, plus long-term renewals and better economic conditions overall as the driver of their growth. They’ve also started looking ahead with "exploratory partnership discussions" with AI developers.

What they’re saying: "The start of the year has been marked by another strong performance of the roster thanks to our unique model and digital expertise despite currency headwinds and lower ad-supported monetization," said Denis Ladegaillerie, Believe Founder and CEO. "We are heavily engaged in several innovative AI and generative AI exploratory partnership discussions in H1 and strongly believe that AI and generative AI will have a positive impact for the music industry and particularly for Believe, as a digital end-to-end large-scale music and technology-driven business."