BMG Posts Strong Half-Year Results, Revenue Up Nearly 12%
Click here to read the full article.
BMG showed strong financial results for the first half of 2019 as part of an earnings report released Thursday by its parent company, Bertelsmann.
Revenues were up by 11.4% over the same period last year to €269 million or $297.5 million (over 2018’s €241 million). EBITDA grew nearly 17% to €49 million ($54 million).
More from Variety
The company, led by CEO Hartwig Masuch (pictured), pointed to recorded music as its greatest source of growth, with digital revenue up 30% driven by releases from Jason Aldean, Keith Richards, Lil Dicky, Avril Lavigne, Kylie Minogue, Dido and others; forthcoming releases include albums from Lindsey Stirling, the Pixies and Zac Brown Band.
Its publishing business enjoyed a robust half-year as well via hit albums from artist-songwriters including Lewis Capaldi, Bring Me the Horizon, NAV, Juice WRLD and Juju, along with new signings including Cage the Elephant.
Major transactions during the first half of the year included an extension of the company’s relationship with Black Sabbath, the launch of the new Trojan Jamaica label and an extension of BMG’s global music publishing partnership with Latin music label DEL Records. BMG also launched its 15th international office, in Hong Kong.
Sign up for Variety’s Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
