Sony Music Drives In Another $1 Billion Quarter

Sony Music’s recorded music sales and publishing revenue grew in the second quarter of 2019, according to parent company Sony’s latest financial figures.

For the fiscal quarter ended September 30, Sony’s music operations, which includes Sony Music Entertainment, Sony/ATV Publishing, Sony Japan and the mobile-game dominated Visual Media/Platform, reported 37.5 billion yen ($344 million) in operating income, a 19% rise on the same period the previous year.

Sales revenue rose by 8% to 219.3 billion yen ($2 billion), up from 203.9 billion yen ($1.9 billion) from the second quarter of 2018. 

Sony attributed the strong growth to a rise in streaming revenues, which lifted recorded music sales to 112.2 billion yen ($1 billion), up slightly from 111.9 billion yen ($1 billion) in Q1.

Music publishing revenues climbed by more than 95% year-on-year to 38.4 billion yen ($362 million) as a result of the consolidation of EMI Music Publishing. 

In the first half of 2019, Sony Music operating income grew by more than 19% to 75.8 billion yen ($696 million), while sales totaled 421.5 billion yen ($3.87 billion), a rise of more than 9% on the first six months of 2018.   

Breaking down recorded music revenue, physical sales were slightly down on the previous year, totaling 20.3 billion yen ($186 million), while download sales also fell by almost 10% to 8.8 billion yen ($80 million).   

Offsetting the decline, streaming sales grew to 66.8 billion yen ($613 million), a rise of just under 17% on the second quarter of 2018 (on a constant currency conversion basis).

Source: Billboard