BMG REVENUE UP 3% IN FIRST HALF OF '18

BMG’s revenue increased by 3.3% in the first half of 2018 to $281m despite the effect of negative exchange rates.

Recorded music and the company’s production music business were up 38% over the same period in 2017. Publishing revenue hit $181.7m.

The company's EBITDA rose by 5% to $49m, driven by a strong performance in U.S. and U.K. recordings.

Key to the success were new releases from Jason Aldean in the U.S., Kylie Minogue in the U.K. and, in publishing, George Ezra.

In a note to staff, BMG CEO Hartwig Mausch wrote “Our spending on acquisitions in the first half was at its lowest since we started our initial build phase of BMG nearly 10 years ago. We are getting bigger and more successful not by buying companies, but by signing and developing artists and songwriters and ensuring they are paid for their music.”

BMG’s recorded music operation pulls in about 35% of parent Bertelsmann’s total revenue. Bertelsmann’s revenue hit its highest first half results in 11 years, grossing $9.56b. Profits topped $584m.