According to a release by Sony Corp. Sony’s global recorded music streaming revenues grew by $34.8mn in the three months to end of September versus the same period of 2017, but collectively physical sales and downloads dropped by $89mn.
Sony’s global recorded music revenues exceeded $2.87bn in the third quarter of 2018. These numbers are up by $158mn or 5.8% compared to the same period in 2017.
Physical revenues dropped by $114.4mn (-14.6%) to $669mn in the nine-month period, while download sales dropped $58.8mn (-16.6%) to $295mn.
Streaming revenues were up by $300.1mn (+26%) year-on-year to $1.46bn during the Jan-Sept 2018 period.
On the same USD constant currency basis, Sony’srecorded music revenues in the past quarter (to end of September 2018) fell slightly year-on-year, down by 3.8% to $945.9mn.
That was partly due to an accounting adjustment made by the company versus 2017, and partly due to growth in streaming not quite offsetting double-digit declines in quarterly physical and download revenues.
Streaming revenues were up 7.3% YoY in calendar Q3, to $512.2mn, the equivalent of $5.6mn per day. Quarterly physical revenues saw year-on-year a decline of 26.6%, down to $182.5mn, while download sales fell 20.7%, to $87.9mn.
The operating income of the music division was $282.5mn in calendar Q3, representing a divisional profit margin of 15.5%.
Sony Corp is now forecasting Music division revenues of 820bn Yen ($7.3bn) for FY2018, which has been revised upwards 7.9% from its previous forecast.
The firm’s FY operating income forecast for its Music division has been doubled from its prior forecast of $2.1bn.
Sony Corp’s music publishing division which includes Sony/ATV in addition to Sony’s separate publishing interest in Japan posted revenues of 19.436bn Yen in the three months to end of September.