Home » News » Business News » Thanks to streaming, Sony Music revenues skyrocketed 12% to top $4 billion

Thanks to streaming, Sony Music revenues skyrocketed 12% to top $4 billion

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The global giant Sony Corp published its earnings report in Japanese Yen for its 2017-2018 fiscal year. Last April, Rob Stringer took the helm as the CEO of Sony Music and the company’s music division jumped more than 12% in Stringer’s first year. The recorded music operation turned over ¥447 billion ($4.03 billion) which is a 14.9 % growth over 2016’s ¥388.9 billion ($3.6 billion). While the streaming revenue was brilliant as they rapidly increased by 37.3% to ¥197.4 billion ($1.8 billion) claiming more than 44% of the major’s total recorded music sales in the period of 12 months.

On the other hand, the physical sales, too, continued to rise nearly by $10 million year-on-year to hit $1.22 billion. Though, the organization did not break down those numbers. With strong physical sales were driven by the solid performance in Japan, in addition, to increase in the sale of vinyl records. Overall, the physical deals are expected to continue their steady descending direction. The download revenues continue to drop, sinking to 18% just shy of $450 million. However, Sony Music anticipates that these deals will go down for its next monetary year.

Sony Corp revenue share 2015 Sony Corp revenue share 2016Sony Corp revenue share 2017

Pink’s Beautiful Trauma was the named biggest hit of the year. While DJ Khaled’s Grateful and Camila Cabello’s Camila were the top-selling recorded music project by the company.

The finance report also highlights how the company’s music operation fared in the first quarter of 2018 – the three months to end of March this year. Largely, the global quarterly revenues rose by 21.6% year-on-year, shot up from $832.5m in calendar Q1 2017 as  Sony Music turned over $1bn ($1.01bn) in the three months. According to the report, half of Q1 2018’s total was comprised by streaming (46%), with the layout producing $465.6m in the quarter – up by a remarkable 40.1% year-on-year.

On the basis of revenue, Justin Timberlake’s Man of the Woods was Sony Music’s largest selling artist project worldwide.

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Kashmira Pattni

Author: Kashmira Pattni

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