BMG saw its revenue grow by 4.9% YoY to EUR €444 million (USD $518M) in the first half of 2026.
On an organic basis – which strips out the impact of acquisitions, disposals, and currency effects – BMG‘s revenue was up 8.1% YoY in the period.
That’s according to new interim figures from BMG and its parent, Bertelsmann, published today (August 28).
BMG’s operating EBITDA adjusted rose to €127 million ($148m) in the six months to end of June, up from the €122 million the company posted in H1 2025.
That left BMG’s EBITDA margin at 28.7%, level with the prior-year period.
BMG says its underlying recorded music streaming subscription revenue grew by high single digits YoY in the half-year period.
In its interim report, Bertelsmann said: “BMG posted positive revenue development in its music publishing business and recorded music business, driven primarily by organic growth.”
The German parent added that BMG “recorded a moderate increase in earnings, supported by its focus on higher-margin digital business models.”
“Our first-half results reflect the strength of the business we have built over the past several years,” said Thomas Coesfeld, CEO of BMG. “Through BMG Next, we have become a more focused, more profitable, digital-first business – one that is better able to invest in artists, songwriters, and music rights for the long term.
“Sustained organic growth, record profitability, and our highest-ever first half investment in music rights give us a strong foundation for the opportunities ahead. AI is now being applied at scale across BMG to better serve our clients and rightsholders by connecting music with the right audiences, deepening fan engagement, driving revenue opportunities, and improving productivity.”
BMG completed 14 catalog acquisitions in the first half of 2026, and says the period brought the highest first-half investment in music rights in its history.
Bertelsmann says those deals included the acquisition of “rights packages from Jelly Roll, Jet, and Snap! co-founder Luca Anzilotti.”
BMG also acquired the remaining interests in the Hal David, John Lee Hooker, and ARC Music catalogs from Fuji Music Group.
Bertelsmann says BMG has now invested around €1.6 billion in music rights catalogs since 2021 under its Boost program, a total BMG puts at $1.8 billion.
New recorded music signings and contract renewals in the half included Jamiroquai, Carly Pearce, Tash Sultana, Yung Gravy, and Ocean Sleeper.
On the publishing side, BMG inked deals with the likes of Frank Ocean, A$AP Rocky, Gary Barlow, Kamille, Tricky Stewart, Kybba, and MCR-T.
Concord merger timeline moves forward
Bertelsmann says the closing of the planned combination of BMG and Concord, announced in April, “is still expected in the third quarter of 2026.”
The parent company adds that the transaction has “received approval from the relevant competition authorities,” after regulators in the United States and Germany cleared the deal in June.
At that point, Bertelsmann said further approvals in other countries were still pending, and that it expected the transaction to close in the fourth quarter of 2026.
“Together with Concord, we will have greater scale, broader capabilities, and increased capacity to invest in artists and songwriters, strengthen the support we provide creators and partners, and create greater long-term value from music rights.”
Thomas Coesfeld, BMG
The combined company will be owned approximately 67% by Bertelsmann and approximately 33% by affiliates of Great Mountain Partners.
Bertelsmann says Concord’s shareholders will hold that 33% stake, managed by GMP, and receive a one-time cash payment of $1.16 billion.
Bertelsmann confirms it arranged a EUR €1 billion acquisition-related credit line with five banks in April to cover the purchase price payment.
“Together with Concord, we will have greater scale, broader capabilities, and increased capacity to invest in artists and songwriters, strengthen the support we provide creators and partners, and create greater long-term value from music rights,” said Coesfeld.
Where BMG’s money came from in H1
Just under 50% of BMG’s revenues in H1 2026 were generated in the United States, down from just over 51% in the prior-year period.
The United Kingdom contributed 11.3% of the global total, up from 10.9% a year earlier, while Germany, BMG’s home market, accounted for 7.7%.
Other European countries generated 19.6% of revenues, while France contributed 4.5% and the rest of the world 7.2%.
Bertelsmann notes in its report that the global music market “recorded significant growth in both the Publishing and Recordings segments” during the half.
In recorded music, BMG’s H1 highlights included Louis Tomlinson reaching No. 1 on the album charts in the UK, Belgium, and the Netherlands with How Did I Get Here?, while Marteria topped the German album charts with Zum Glück in die Zukunft III.
Jason Aldean earned his 31st No. 1 hit with How Far Does a Goodbye Go, and Evanescence debuted at No. 1 on the Billboard Hot Hard Rock Songs chart with Who Will You Follow.
In publishing, Bruno Mars notched his tenth No. 1 hit with I Just Might and debuted at the top of the Billboard 200 with The Romantic, while Jelly Roll topped the Country Airplay chart with Amen, performed with Shaboozey.
Elsewhere, BMG renewed and expanded streaming agreements in the period, and entered into a direct US licensing agreement with Pandora.
The company also introduced BMG Motion AI, which it describes as an AI-powered solution enabling the scalable creation of premium Motion Art for Apple Music, and rolled out BMG SYNC+ as the integrated brand for its Commercial Sync, Production Music, and Media Services operations.
Across Bertelsmann as a whole, Group revenues rose 2.3% YoY to €9.3 billion in H1 2026, with operating EBITDA adjusted up 4.9% to €1,311 million.
Thomas Rabe, Chairman and CEO of Bertelsmann, said of the Concord merger and the company’s acquisition of Sky Deutschland: “With the acquisition of Sky Deutschland and the planned combination of BMG and Concord, we have set in motion two major transactions.
“On a full-year consolidated basis, the two transactions would increase Bertelsmann’s revenues to around €22 billion and its EBITDA, including planned synergies, to €3.8 billion.”
In the full year of 2025, BMG generated revenues of €900 million ($1.02bn), with an EBITDA margin of 31.5%.
EUR to USD conversions of H1 2026 figures in this article have been made at Bertelsmann’s own stated H1 2026 average rate of 1.1666. The FY2025 figure is converted at Bertelsmann’s 2025 annual average rate of 1.1300.Music Business Worldwide
BMG has reported a 4.9% year-over-year revenue growth in the first half of 2026, amounting to EUR 444 million (USD 518 million). When adjusted for acquisitions, disposals, and currency effects, BMG’s organic revenue growth was even more impressive at 8.1%. These figures were released in Bertelsmann’s interim report on August 28, 2026. BMG’s operating EBITDA also showed an increase, rising to EUR 127 million (USD 148 million) compared to EUR 122 million in the first half of 2025. This led to an EBITDA margin of 28.7%, consistent with the previous year.
BMG highlighted robust growth in its recorded music streaming subscription revenue, which increased by high single digits year-over-year. Bertelsmann noted that BMG’s positive revenue growth in both its music publishing and recorded music sectors was primarily driven by organic growth. The company is focusing on higher-margin digital business models, which has contributed to a moderate rise in earnings.
According to CEO Thomas Coesfeld, the company’s first-half results reflect the strong foundation built over recent years. He emphasized that BMG has become a more focused and profitable digital-first business capable of investing in artists, songwriters, and music rights for long-term growth. The company is also leveraging artificial intelligence (AI) to enhance client services and deepen fan engagement.
In the first half of 2026, BMG made 14 catalog acquisitions, marking its highest first-half investment in music rights to date. Bertelsmann indicated that these acquisitions included rights packages from various artists such as Jelly Roll and Jet, as well as the remaining interests in catalogs from Hal David and John Lee Hooker. Since 2021, BMG has invested approximately EUR 1.6 billion (USD 1.8 billion) in music rights catalogs.
The company also reported new signings and contract renewals with notable artists including Jamiroquai, Carly Pearce, and Tash Sultana, among others. On the publishing side, BMG secured deals with prominent names like Frank Ocean and A$AP Rocky.
Regarding its planned merger with Concord, Bertelsmann announced that the transaction is expected to close in the third quarter of 2026, pending further approvals in some countries. The merger aims to create a larger, more capable entity that can invest more in artists and songwriters, thus enhancing the support for creators and partners.
In terms of revenue sources, nearly 50% of BMG’s revenues in the first half of 2026 originated from the United States, a slight decrease from over 51% the previous year. The UK contributed 11.3% to the total revenue, while Germany accounted for 7.7%. Other European countries contributed 19.6%, France 4.5%, and the rest of the world 7.2%. Bertelsmann’s report indicated significant growth in both the publishing and recordings segments of the global music market.
BMG’s highlights in recorded music during this period included notable chart successes for artists like Louis Tomlinson, Marteria, and Jason Aldean. In publishing, Bruno Mars and Jelly Roll also achieved significant milestones.
BMG renewed and expanded various streaming agreements and established a direct licensing deal with Pandora. Additionally, the company launched BMG Motion AI, an AI-driven solution for creating premium content, and introduced BMG SYNC+, a brand for its commercial sync, production music, and media services operations.
Bertelsmann as a whole reported a 2.3% revenue increase year-over-year, reaching EUR 9.3 billion in the first half of 2026, with an operating EBITDA adjusted up 4.9% to EUR 1.311 billion. Chairman and CEO Thomas Rabe discussed the implications of the Concord merger and the acquisition of Sky Deutschland, stating that these moves could significantly boost Bertelsmann’s revenues and EBITDA in the future.
In summary, BMG’s strong performance in H1 2026 reflects its strategic focus on organic growth, expansion through acquisitions, and investment in digital business models. With the planned merger with Concord, BMG anticipates enhanced capabilities to support artists and create value in the music rights landscape.
