BMG Revenues Grow 11.5% In First Half of 2023

BMG has revealed its revenues for the first half of 2023 and announced in a new earnings report from parent Bertelsmann that global revenues increased 11.5% year-over-year to €414 million ($447 million).

Give me the numbers: Operating revenue was up, growing to €90 million ($97 million), up 22.6% YoY. A key driver was publishing, which generated 62% of the company’s overall revenue during the period. Recorded music generated 34% of revenue and broader rights was at 4%.

BMG's publishing was aided by 15 notable acquisitions during H1 including with artists and writers like The Hollies, Paul Simon and SNAP! as well as success from artists including Kylie Minogue, Rita Ora, Jason Aldean, Mura Masa, Jelly Roll, Lewis Capaldi and Godsmack.

What they're saying: "This is a strong performance in the face of an increasingly tough market," BMG CEO Thomas Coesfeld said, noting that "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."

He added that 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."