SNEP blames Believe for market report heist

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Unlike other large independents in France, Believe has so far shown no willingness to contribute data to the French market, SNEP chief executive Alexandre Lasch told Billboard. This is a situation we tried to avoid, and it was certainly not an easy decision to make.

To establish its half-yearly and annual market reports, SNEP receives audited sales data from the three major labels, as well as from the main labels and independent distributors in France.

Believe is by far the biggest independent music distributor in France. But despite repeated requests from SNEP, the distributor has not submitted national sales data to the organization since late 2018, and it is the only major music company that does not regularly submit financial figures, SNEP said. (The only other holdouts are companies with a small turnover which can be classified as micro-enterprises.)

Believe declined to be interviewed and did not respond to written questions from Billboard. In a statement, the company said it was surprised to learn that SNEP needed its data for its market report and confirmed that it had not provided figures to the organization for several years, and that this has never been a problem.

Lasch rejects Believe claiming he was surprised. He says Believes’ lack of sales data in its financial reports is particularly problematic this year, as SNEP recently partnered with UK sales tracking firm The Official Charts Company to compile its market reports. This has led to methodological changes which require greater cooperation from labels and distributors.

Founded in 2005, Believe provides a range of services to independent artists and labels, including distribution on streaming platforms, digital marketing and sync services. Its brands include New York-based platform TuneCore, Paris-based label and publisher Nave, rock label Nuclear Blast, and German distributor Groove Attack.

In June, Believe launched its initial public offering (IPO) on the Euronext Paris stock exchange, raising 300 million euros ($ 365.4 million) to 330 million ($ 402.9 million) over-allocated with a initial market valuation of approximately 1.9 billion (2.3 billion).

On Wednesday September 15, Believe released its half-year financial results for the six-month period ended June 30, reporting group revenue of 260 million ($ 306 million), up 33% from the same. period the previous year. Although the report breaks down revenue by geographic region, including a reported 21% increase in revenue in France, totaling 43 million ($ 50 million) in the first half of 2021, SNEP says the figures are aggregate data for the activities. global companies and do not meet its expectations. national criteria.

They do not allow us to follow the evolution of the French market segment by segment, specifies Lasch. If we can’t agree, there is also a risk [that we cant produce] annual figures, but we are continuing our efforts in parallel with the Official Charts Company to avoid such a situation.

Believe says she is open to discussing the matter with the SNEP and is always ready to participate in the production of market data and artist rankings when produced in an independent, honest and transparent manner.

The SNEP says it has not heard from the organization since the dispute was made public on Tuesday.

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