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Sony’s Recorded Music Operation Revenue Up 21.6% for Quarter

As part of Sony Corporation’s earnings for the second quarter of the current fiscal year, the company’s recorded music operation was up 21.6% in revenue over the same period in 2016 to 109.2 billion yen ($960 million), up from 89.8 billion yen the previous year. That increase was driven by streaming, which was up 68% year over year, reflecting the acceleration in streaming growth over the past few years.

The company’s entire music operation is up a whopping 97% in operating income year over year to 32.5 billion yen ($290 million). The operation includes recorded music, publishing and the Japanese visual media and videogame unit, which is included in Sony Music Entertainment Japan. Primary drivers in the quarter’s success were big releases DJ Khaled, Foo Fighters, Calvin Harris, Arcade Fire and new artists French Montana and Khalid.

The parent company today announced increases in revenues and net profit in the second quarter of the current fiscal year. Its net profit increased $1.11 billion (126.0 billion) year-on-year to $1.16 billion (130.9 billion yen), while operating profit gained $1.4 billion (158.5 billion yen) year-on-year to $1.81 billion (204.2 billion yen). Revenues rose by 22.1% compared to the same quarter of the previous fiscal year to $18.2 billion (2,062.5 billion yen).

Sales in the Pictures segment rose 27.0% year-on-year to $2.16 billion (244 billion yen), while operating profit increased from $28 million (3.2 billion yen) to $68 million (7.7 billion yen). Both higher movie and media network earnings contributed, led by brisk ticket sales for the global hit “Spider-Man: Homecoming” and higher ad and subscription sales for SPE’s Indian sports network.

 

 

 

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