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EMI Publishing Deal Boosts Sony’s 2018 Music Revenue Projections

As part of the Sony Corporation earnings report for the second fiscal quarter of 2018, the music division reported revenues down around 1% to 203.9 billion yen (around $1.83 billion), with recorded-music down 3% and physical sales down 26%. The upside is that streaming was up around 8% for the quarter and up 20% for the first six months of the fiscal year. Operating income margins are about 16.5%.

For the year, Sony Corporation is forecasting music revenues of 820 billion yen ($7.3 billion), which it has revised up after the company’s acquisition of EMI Music Publishing, a transaction that was recently approved by the European Union and is expected to close by the end of the year. The deal led the company to move up its estimate 8% or 60 billion yen ($529.2 million).

Also during that six-month period, overall music segment revenues are up 3%, recorded music is down 2% and physical is down 30%. For the quarter profits showed a 3% decline but were up 11% for the six months — a source close to the situation said that figure would be higher but for expenses related to the EMI valuation. The company also said that the impact of exchange rates and new accounting standards, along with the dip in physical sales, played a role the revenue and profit declines.

Big sellers in the quarter included Travis Scott (pictured above), Luke Combs, George Ezra, Camila Cabello and Calvin Harris. Big releases projected for later in the year include new albums by Barbra Streisand, Little Mix, Olly Murs and a Springsteen Broadway record.

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