×
You will be redirected back to your article in seconds

Sony Music Rides Streaming, Harry Styles Debut for Double-Digit Q1 Gains

Sony Music is riding high on a combination of streaming and Styles, as in One Direction member Harry’s self-titled debut album, released in May.

The company’s just-released Q1 financial report for the three months ending in June shows an impressive 57% gain in operating income year over year.

Sony’s music operation reports $225.22 million in operating income (25.022 billion yen), an increase of 57.6%, on revenues of $1.52 billion (168.6 billion yen), an increase of 18.8%, when compared to the same period during its last fiscal year.

The quarter represents the overall music operation’s best first fiscal quarter since 2009, when the current financial configurations started.

The company attributed the increase to “higher sales in recorded music” (both streamed and physical, but not downloads) and from its visual media and platform operation, which included strong performances of its Fate/Grand Order mobile game.

Music publishing, which consists of Sony/ATV, Sony Japan publishing and its percentage of EMI Music Publishing, produced revenues of $151.7 million (16.86 billion yen), a 7.7% increase from last year. The combined Sony/ATV and EMI catalog has grown to 4.49 million songs, versus 4.21 million songs by the end of its prior fiscal year.

Streaming generated $346 million (38.44 billion yen), an increase of 25.4%, while physical sales grew to $301.8 million, up 16.2%. On the other hand, digital download revenue fell 22.1% to $116.5 million.

Other music revenue — including synchronization, merchandising and live music promotions — totaled $134 million (14.88 billion yen), a 15.1% increase.

Harry Styles, The Chainsmokers and Japanese act Nogizaka46 had the three best-selling albums during the quarter, with new and upcoming releases including albums from Arcade Fire, Foo Fighters, Foster the People, French Montana, Kesha, LCD Soundsystem and Old Dominion.

Sony Corp. predicts its music operations will produce an operating income of $680 million (75 billion yen) on total revenue of $5.7 billion (630 billion yen) in its current fiscal year, ended March 31, 2018.

 

More Music

  • Def Jam Chief Says 'Rap Camp'

    Def Jam Chief Says 'Rap Camp' Concept 'Encapsulates Our New Direction'

    “Seventeen artists, six days, one incredible album full of new music.” That was the description used by Def Jam Records to introduce the label’s “Rap Camp” concept, which yielded the compilation album “Undisputed” designed to introduce the roster’s slate of hip-hop newcomers. Def Jam is, of course, home to some of the biggest names in rap [...]

  • Mac Miller Mural

    Mac Miller Honored With Memorial Mural: The Story Behind the Art

    Venice, California-based painter Gustavo Zermeno Jr. paid tribute to what would have been Mac Miller’s 27th birthday on January 19 with an 11-feet x 50-feet mural spread across Express Label, a custom printing and graphic design firm on Beverly Blvd., just east of N. Virgil Avenue in the Silverlake neighborhood of Los Angeles. Miller died [...]

  • Cardi B iHeartRadio Jingle Ball, Show,

    Cardi B's First Las Vegas Residency Confirmed for New KAOS Nightclub

    Variety has confirmed that Cardi B will be making money moves with her first Las Vegas residency this spring. Coming to KAOS, a new day and nightclub opening at the Palms Casino Resort the first weekend in April, Cardi joins a hip-hop and EDM-heavy lineup that will have G-Eazy, Above and Beyond, Kaskade and Skrillex taking [...]

  • Rapper, Songwriter BlocBoy JB Sues 'Fortnite'

    Rapper, Songwriter BlocBoy JB Sues 'Fortnite' Creator Over 'Shoot' Dance

    BlocBoy JB is joining the ranks of performers suing Epic Games for a dance move. In this case, James “BlocBoy JB” Baker filed suit against the “Fortnite” creator for the game’s use of his “shoot” dance, a dance move he created in his music video for “Shoot.” The dance move is called “hype” in the [...]

  • Ric Ocasek House

    Now Separated, Ric Ocasek and Paulina Porizkova Seek Sale of Manhattan Townhouse

    Almost a year after top-earning 1980s supermodel Paulina Porizkova announced, via social media, that she and veteran New Wave rock star Ric Ocasek of the Cars had “peacefully” split up a year earlier, following almost three decades of marriage, the erstwhile couple’s Manhattan home, a handsome townhouse on a pretty, tree-lined block in the Gramercy [...]

  • Alfonso Cuaron's 'Roma' Companion Album to

    Alfonso Cuarón's New 'Roma' Album to Feature Beck, Patti Smith, El-P, T Bone Burnett

    Not to be outdone by Ariana Grande’s impending record news, filmmaker Alfonso Cuarón has announced the track list and release date for his new album, which, coincidentally, is also due Feb. 8. He’s the curator of “Music Inspired by the Film Roma,” which was already teased by a Billie Eilish track, and is now revealed [...]

  • cats logo

    As 'Cats' Starts Production, Downtown Lands Admin Deal for Andrew Lloyd Webber's Music (EXCLUSIVE)

    Downtown Music Publishing has entered into a multi-year publishing administration deal with Faber Music, which represents the musical repertoire from “Cats,” the beloved and long-running Broadway sensation currently being turned into a feature film starring Taylor Swift, Jennifer Hudson, James Corden, Idris Elba and Judi Dench, among others. The Universal picture, directed by Tom Hooper, recently [...]

More From Our Brands

Access exclusive content