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Believe Q3 Earnings: Paid Streaming Gains Lead to 9% Revenue Increase

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Additional subscription price increases are expected in 2024, said CEO Denis Ladegaillerie.

French music company Believe benefitted from “healthy” paid streaming growth as its third-quarter revenue grew 9.1% to 215 million euros , the Paris-based company announced Tuesday .

Revenue from Asia Pacific and Africa grew 6.6% to 55.8 million euros and accounted for 25.9% of total revenue. The company was helped by increased paid streaming penetration in the region but hurt by soft ad-supported streaming and a stronger euro against local currencies. Greater China was particularly strong, while Japan was aided by Believe’s roll-out of its Premium Solutions offering. The Americas accounted for 14.4% of Believe’s revenue and grew 8.

Looking forward, Believe increased its forecast for adjusted earnings before taxes, interest and amortization margin from 5% at the mid-year mark to 5.5%. The company reiterated its guidance for full-year organic growth of 14%.

 

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