Globally, revenue from Asia Pacific and Africa, which Believe groups together in its earnings report, grew 40% year-on-year to 56.1 million euros , representing 28.2% of the company’s earnings, compared to 24.7% in the first quarter of 2022.
Europe, excluding France and Germany, recorded a revenue increase of 21.1% to 54.4 million euros , representing around 27% of total revenue. The company’s two strongest individual markets, France and Germany, also grew by 13.2% to 32.1 million euros and 3.7% to 26.6 million euros , respectively. France generates 16.2% of the company’s total revenue, while Believe said its performance in Germany was impacted by a “strong decline in physical sales linked to the lowered exposure to physical sales-heavy contracts.”
On Wednesday, the company announced that its TuneCore distribution platform had teamed up with Beatport, enabling TuneCore artists to distribute their songs on the world’s largest electronic music platform for working DJs.