BMG said on Friday (Aug. 28) that its revenue for the first six months of the year rose 5% to 444 million euros ($518.7 million) due to growth in recorded music streaming subscriptions.

The German-owned music company said its earnings before interest, tax, depreciation and amortization (EBITDA) rose 4% to 127 million euros ($148.4 million), for a 29% EBITDA margin. Adjusted operating EBITDA also hit 127 million euros, having risen 42% since 2023, the company said.

BMG acquired some 14 publishing and recorded music assets in the first six months of the year, making this its biggest investment in music rights during the company’s history. BMG, which in April announced plans to acquire Concord in a deal that includes $1.16 billion in cash, said it has invested $1.8 billion in music rights catalogs since 2021 through parent company Bertelsmann’s Boost program.

“Our first-half results reflect the strength of the business we have built over the past several years,” BMG CEO Thomas Coesfeld said in a statement. “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.”

Acquisitions this year included rights from Jelly Roll, Fuji Music Group (which includes works associated with John Lee Hooker, Hal David, and Chess Records), Snap! co-founder Luca Anzilotti and Jet. 

Coesfeld said BMG is using artificial intelligence “at scale across BMG to better serve our clients and rights-holders by connecting music with the right audiences, deepening fan engagement, driving revenue opportunities, and improving productivity.”

BMG uses AI and data to sharpen its marketing, fan-focused strategies and to better monetize its catalog by identifying the best audiences to target. AI is also used to create and deliver “Motion Art for Apple Music.”

Across its recorded music, publishing and catalog, BMG represents more than three million songs and recordings including Tina Turner, Jason Aldean, Jelly Roll and Paul Simon. For the first six months of the year, catalog performance was led by “Blue” by young kai, “What Is Love” by Haddaway, and “Lost On You” by LP.

BMG reiterated that its acquisition of Concord is on track pending regulatory approval. The ultimate combined company would be 67% owned by Bertelsmann, BMG’s parent company, and 33% owned by affiliates of Great Mountain Partners, a private markets investment firm that has long invested in Concord through a fund that manages money from Michigan Retirement Systems and Great Mountain’s management team

“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,” Coesfeld said.

Billboard used an average six-month U.S. dollar to Euro conversion rate of 1.1682224299.