BMG Posts H1 Revenue Decline

BMG has posted a 7.8% YoY revenue drop for H1 2025, despite streaming gains and a record-high EBITDA margin.

Overall performance:

• Revenue of €424 million ($496 million), down 7.8% YoY; organic revenue declined 4.4%.

• Bertelsmann blamed “lower revenues in the publishing and label business as well as portfolio changes from the sale of the live business.”

• BMG added: “The decline primarily reflects the disposal of non-core businesses, including the divestment of live.”

• EBITDA margin was a record 28.7% (up from 26.5%), though adjusted operating EBITDA remained flat at €122 million ($143 million).

Specific markets:

• US sales were €216 million ($252 million), down 8.1% from H1 2024, but still over 50% of total revenue.

• BMG acknowledged “market dynamic shifts” in Germany’s revenue (€34 million / $40 million, down 17% YoY) and France’s (€19 million / $22 million, down 41% YoY).

Streaming:

• Digital accounted for 72% of H1 revenue, up from 69% in H1 2024.

• Core streaming revenue experienced high-single digit growth.

Catalog acquisitions and investment:

• BMG completed 17 acquisitions in the first half of 2025.

• Marquee signings and extensions included OneRepublic, Meek, Olly Murs, Evanescence and more in recordings, and James Arthur, Tom Walker, Steven Wilson and more in publishing.

What they said:

• BMG CEO Thomas Coesfeld: “Our results for the first half of 2025 demonstrate the effectiveness and strength of our BMG Next business model: disciplined, digital-first, and built for long-term value for all stakeholders. Our strategy is rooted in what we do best – music publishing and recorded music – while continuously building new capabilities to enhance our service. Innovation and technology are the engines driving how we work and how we support our artists and songwriters. We’re building a future-forward music company, uniquely positioned at the intersection of creativity and technology.”