TOKYO (Reuters) — Sony Music Entertainment (Japan) said Wednesday its earnings in the year to March 31 fell sharply due to a shortage of big hits.
Japan’s major record company said its parent sales totaled 103 billion yen ($824 million) in 1996-97, down 10% from the previous year.
Sony Music said its current profit fell 45.6% to $91.2 million. Current profit is pre-tax and includes losses and gains on investments.
Sales from its Japanese repertoire, which accounts for more than half of the company’s business, were down 6.5% from last year. The non-Japanese repertoire sales showed a 12% decline.