Home » 31 October 2019 » Sony Music’s revenue for Q2/FY2019 tops USD 2 bn, physical sales up by 3.6%

Sony Music’s revenue for Q2/FY2019 tops USD 2 bn, physical sales up by 3.6%

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Sony Music in their second-quarter results of 2019 ending 30th September, affirmed music streaming services as a major source of a strident increase in revenues.

As compared to Q2/FY2018, Q2/FY2019’s revenue was an increase of 8% year-over-year to ¥219.3 billion (USD 2.03 billion) in sales from ¥203.9 billion (USD 1.88 billion).

Also, Sony Music’s Operation Revenue was locked at ¥37.5 billion or USD 34.6 million as compared to the same duration of 2018 (¥31.5 billion or USD 29 billion).

The Operation Revenues were from Sony Music Entertainment––Sony/ATV Publishing, Sony Japan, and Visual Media/Platform.
This surge was primarily due to the consolidation of EMI music publishing in
the music publishing business and higher global streaming revenues, partially
offset by the negative impact of exchange rates and lower sales of mobile
games, mainly in Japan.

 

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That said, streaming revenues in the recorded music business grew as it did in the first quarter of 2019, ending 30th June. Increasing 17% year-over-year and 21% year-over-year excluding the impact of conversion to Yen.

The biggest global sellers for this period for the company’s revenue were Tool (Fear Inoculum), Lil Nas X (Panini EP), Chris Brown (Indigo), Khalid (Free Spirit), and Kang Daniel, South-Korean singer, (Colour on Me).

Interestingly, Sony’s physical music sales were also up by 3.6% to USD 189.1 million over the same period of 2018. The physical product sales continued to hold the market in Japan as well as Germany.

The Q2/ FY2019 Earnings were announced by Hiroki Totoki, Senior Executive Vice President, Chief Financial Officer; Naomi Matsuoka, Senior Vice President, Senior General Manager, Finance Department and Corporate Planning & Control Department; and Hirotoshi Korenaga VP, Senior General Manager, Global Accounting Division.

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Aakanksha Sharma

Author: Aakanksha Sharma

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