Home » News » Business News » Sony Music posts Q2/2019 results ahead of its merger under Sony Music Group

Sony Music posts Q2/2019 results ahead of its merger under Sony Music Group

Image

 

Sony Corp in their recently released report for Q2/2019 said that they generated $6.7 million by way of music streaming every day in this quarter. Universal Music Group said in their report that they generated $10.4 million each day from streaming in calendar Q2. With Warner’s quarterly results yet to be announced, it is certain that that the three major labels are turning over more than $20 million from streaming between them every day.

Sony’s recorded music operation saw global streaming revenues grow by 26.5% in Q2, reaching $604.9 million.

Sony’s overall quarterly recorded music revenues hit $1.02 billion at the US dollar level in this three-month period up by 11.5% year-on-year.

Quarterly sales of physical formats dropped down slightly YoY, down by 3.4% to $200 million, while download sales dropped 19.1% to $79.1 million.

Sony Music Entertainment’s biggest-selling global artist projects in the quarter were Khalid’s Free Spirit, Lil Nas X’s Old Town Road, P!nk’s Hurts 2B Human, Bruce Springsteen’s Western Stars and DJ Khaled’s Father Of Asahd which saw Old Town Road by Lil Nas X dominate streaming charts in the US and beyond.

“Old Town Road” ft. Billy Ray Cyrus achieves the historic feat and becomes the longest-running no. 1 single on the billboard hot 100 after 17 weeks atop the chart.

Record-shattering artist Lil Nas X has officially made all-time Billboard chart history. The inescapable song of the year, “Old Town Road” feat. Billy Ray Cyrus has landed at no. 1 on the billboard hot 100 for the 17th week in a row, establishing the song as the longest-running no. 1 single since the chart’s inception.

In H1 2019, Sony’s recorded music revenues hit $1.97 billion, up by 2% (or approximately $40 million) year-on-year.
Sony Music’s half-year streaming revenues in H1 2019 stood at $1.11 billion, up 17.5% (or approximately $165 million) year-on-year.

Sony Corp’s music publishing operation which now includes Sony/ATV, Sony Music Publishing Japan, and EMI Music Publishing posted calendar Q2 (fiscal Q1) revenues of $357.5 million (39.29 billion Yen), up 81.7% year-on-year.

Sony’s overall music division including recorded music, publishing, and ‘visual media and platform’ – posted quarterly sales of $1.84 billion (202.25 billion Yen) in calendar Q2, up 10.6% at constant currency on the prior-year quarter ($1.66 billion).

 

Formation of Sony Music Group

From August 1, 2019, Sony Music Entertainment and Sony/ATV Music Publishing will perform as one unit under Sony Music Group. Rob Stringer will be heading Sony Music Group as the Chairman while remaining the CEO of Sony Music Entertainment.

Kenichiro Yoshida, President/CEO, Sony Corporation revealed the news in an internal memo addressed to his colleagues. Sony Music Entertainment and Sony ATV were previously separate entities with respective leaders until the need for a merger arrived. Sony/ATV was owned as a joint venture with other equity stakeholders, until November 2018. Sony Corp. then acquired the 70% it didn’t own in a deal valued at $4.75 billion.

 

 

 

1062total visits

Abhishek Singh

Author: Abhishek Singh

Leave a Reply

Your email address will not be published. Required fields are marked *

Top

Get Music Plus’s top stories, interviews
and gig updates delivered to your inbox.

We won’t spam you. Promise!