Believe, the France-headquartered recorded music and publishing company, has issued annual public financials to shareholders since its IPO in 2021. (The company was subsequently taken majority-private again by investors including TCV, EQT, and Believe founder, Denis Ladegaillerie.)
Within these financials, Believe reveals the percentage of its total revenues provided by its three biggest customers each year.
Although Believe does not confirm the name of these customers, it’s a sure bet that, to date, No.1 has been Spotify and No.2 has been YouTube/YouTube Music.
You can see a data visualization of this information in the past few years below.
![](https://www.musicbusinessworldwide.com/files/2025/01/believe-spotify-of-revenues-80x44.png)