Berlin, Germany (CelebrityAccess) – BMG parent company Bertelsmann announces appointments Thomas Cosfield its executive committee. Koesfeld, who has been CEO of BMG since July 2023, will now be responsible for Bertelsmann’s music division as a member of the board of directors. The move is part of the company’s strategy to increase its presence and growth in the music industry.
During his journey at Bertelsmann, Koesfeld made a significant contribution to the company’s music department. Since taking over as CEO of BMG on July 1, 2023, Cosfield has played an important role in realigning the music business under the “BMG Next Strategy”. His efforts focus on adapting to rapid changes in the music rights landscape, optimizing digital and physical music distribution, and streamlining operations to reduce administrative costs.
Prior to becoming CEO, Cosfield served as BMG’s chief financial officer (CFO) from April 2021. Contributed to strategic direction. Cosfield’s leadership has been characterized by forward thinking, including embracing artificial intelligence in music operations and bringing digital distribution in-house.
Under Coesfeld’s leadership, BMG continues to thrive and achieved its “best quarter ever” in the first quarter of 2024, according to the 2nd Annual Music Investors Conference in New York. In 2023, BMG’s annual revenue reached 905 million euros ($979 million), an increase of 4.6% over the previous year. While operating EBITDA was stable at €194 million ($210 million), the focus has been on sustaining growth and taking advantage of new opportunities in the music market.
Cosfield has been instrumental in expanding BMG’s U.S. investments and has overseen major restructuring efforts, including a distribution partnership with Republic Records jelly roll New record. These initiatives are part of BMG’s wider strategy to help BMG achieve future growth and success in a highly competitive industry.
With his appointment to the Bertelsmann Executive Board, Koesfeld joins an outstanding leadership team, including:
– Thomas Rabe: Chairman and CEO of Bertelsmann AG and CEO of RTL Group.
– Carsten Coesfeld: Member of the Executive Board responsible for Bertelsmann Investments and Financial Solutions.
– Rolf Hellermann: Chief Financial Officer of Bertelsmann Group.
– Immanuel Hermreck: Chief Human Resources Officer at Bertelsmann.
Rabe, Bertelsmann Chairman and CEO expressed his confidence in Cosfeld’s abilities: “I am pleased to welcome Thomas Cossfeld as a new member of the Bertelsmann Executive Board. He knows Bertelsmann well in all positions. As CEO of BMG , he has made important decisions for the future of the business, such as bringing digital distribution in-house and using artificial intelligence in all areas of the music business. Thomas will also enrich the work of the Management Board and I look forward to working more closely with him. .
Christopher Mohn, The Chairman of Bertelsmann’s Supervisory Board also praised Cosfeld’s appointment, emphasizing his strategic skills and entrepreneurial instincts: “In various management roles and now as CEO of BMG, he has driven and focused with his strategic skills and excellent entrepreneurial instincts. for business development. I am delighted that Thomas will now contribute his experience and skills to the development of Bertelsmann as a member of the Executive Board and I wish him success in this regard.
When Cosfeld took up his new role, he expressed his gratitude and commitment to furthering Bertelsmann’s development: “I would like to thank the Supervisory Board for the confidence it has placed in me. With me under the leadership of Thomas Rabe Working together with a member of the Executive Board (whose continued support I am grateful for), I see a great opportunity and at the same time an obligation to wholeheartedly further develop the Bertelsmann and BMG divisions, which I very much look forward to doing.
Prior to joining BMG, Koesfeld served as a member of the executive board of Bertelsmann Printing AG (now Bertelsmann Marketing Services) and as Chief Strategy Officer (CSO) of Mohn Media. His career at Bertelsmann began in early 2016 when he participated in the Bertelsmann Entrepreneur Program and worked with BMG and Relias in the United States
