Rob Stringer addressed Sony Corp investors in Japan alongside Sony Music’s COO Kevin Kelleher covering a variety of topics including Sony Music’s financial report with the assurance of developing markets and the performance of distribution company. Rob Stringer, CEO, Sony Music Entertainment, referred to Sony’s performance in its last fiscal year (FY 2017) – the 12 months to end of March 2018. “Currently Sony Music is the No.2 global music company with 25.1% market share in the markets where we operate outside of Japan.”
“As we develop this growth together, it is vital that we maintain a balanced and mutually respectful relationship with our music distribution partners. We also support new entrants into the marketplace at the global, regional and local levels to drive this paid subscriber growth.”
“In the last fiscal year, we renewed our deals with existing partners [such as] Spotify, Apple, Amazon, YouTube and Tencent – and created a new partnership with Facebook,” Stringer stated.
“We are fully focused on developing viable subscription businesses in emerging markets such as China and India, where previously only very limited physical or digital download business existed. Over the long term, once markets are established, [our] focus will turn to increasing revenue per user by enhancing the product and plan offerings.” Stringer explained.
“This marks the third year in a row of meaningful market growth after more than a decade of decline,” he added.
Kevin Kelleher highlighted the biggest industry revenue development came in Latin-Iberia markets and Asia Pacific (ex-Japan) up 17.3% and 22.9% respectively in calendar 2017. “We are clearly encouraged by the overall performance of the market; the global streaming market outside of Japan was up 44% year-over-year [for the industry in calendar 2017]. This drove an overall market growth of approximately 10.5% [outside Japan, to $14.5bn],” Stringer exclaimed.
Stringer emphasised entirely on Sony Music’s global performance outside Japan – a market which is not run by the British exec, Sony Music Entertainment Japan (SMEJ) as it is the corporate responsibility of another Sony division. Stringer stated, “As a global company, we have aggressively invested in data and analytical tools to interpret the billions of commercial and marketing data points we receive from partners and services around the world on a daily basis.”
This comes hours after Sony Corporation confirmed its acquisition of a majority stake in Mubadala Investment Company’s 60% equity interest in EMI Music Publishing. Thus, Sony will, now, indirectly own approximately 90% of the equity interest in EMI Music Publishing.
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