BMG Increases Revenues During Covid-19 Pandemic to Record Result
It is BMG’s best first-half result since it was founded in 2008
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BMG Production Music
BMG, the integrated music publishing and records company, increased its revenues in the first half of 2020, despite the impact of the Covid-19 pandemic and the effective shutdown of both the live music business and record stores worldwide.
Figures released this morning by the company’s shareholder, international media, services and education company Bertelsmann show BMG, the world’s largest international music company outside the three 'majors', increased revenues by 4.8% in the first six months of 2020 to €282m (H1 2019: €269m). EBITDA was level at €49m (H1 2019: €49m).
It is BMG’s best first-half result since it was founded in 2008.
It came despite the forced closure of the company’s 19 offices worldwide due to the pandemic with its 926 strong team working remotely.
Key drivers of the results were a strong performance by the company’s music publishing business and surging streaming numbers for the company’s recording artists.
The company’s strong focus on proven and established artists paid dividends with streaming of its recorded catalogue up 49% year-on-year. Overall recorded streaming was up 26%.
BMG CEO Hartwig Masuch said, “To deliver a record result in the midst of a pandemic is a remarkable achievement. It is a testament to our artist-centric business model, but also to our 926-strong team worldwide who went to extraordinary lengths to maintain service to our artist and songwriter clients.
BMG client successes during the period included:
September 1, 2020 1:30pm ET by BMG Production Music