×
You will be redirected back to your article in seconds

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.

More Music

  • Lady Gaga Vegas Residency

    Lady Gaga Talks Importance of Pronouns, Gay Pride During Rousing Speech

    Lady Gaga was all about pride during her SiriusXM show at Harlem’s Apollo Theater Monday night. In between songs, the “Born This Way” pop star gave a rousing speech about the importance of asking people’s pronouns and the necessity of gay pride. She also referenced transgender activist Marsha P. Johnson who was widely credited with [...]

  • Billy Eichner Power of Pride Variety

    Billy Eichner on Taylor Swift's 'Calm Down' Backlash

    When Taylor Swift released her “You Need to Calm Down” music video, it seemed like every member of the LGBTQ in Hollywood was included — except for Billy Eichner. “I’m still not gay enough for Taylor Swift — or too gay — I don’t know what it is,” Eichner joked at Variety’s Power of Pride [...]

  • Jason Aldean' Today' TV show, New

    Jason Aldean Concert Cancelled Due to Severe Lightning (Watch)

    A Saturday night performance by Jason Aldean at the Country Stampede Festival in Topeka, Kansas was canceled due to a major lightning storm. According to local news, inclement weather troubled the three-day country music gathering. Rainstorms delayed the concert on multiple occasions, until eventually organizers called off Aldean’s headlining June 22 show. Watch video below [...]

  • Ewen Bremner as Alan McGee in

    Danny Boyle-Produced ‘Creation Stories’ Adds Jason Isaacs, Steven Berkoff

    Jason Isaacs, Steven Berkoff and a host of other new names have signed on for “Creation Stories,” the film being exec-produced by Danny Boyle about Creation Records co-founder Alan McGee. The producers also unveiled the first shots of Ewen Bremner (“Trainspotting”) as the music mogul. Production is underway on the Irvine Welsh-penned project, with “Lock, [...]

  • Jussie Smollett

    Video of Jussie Smollett With Rope Around His Neck Released by Chicago Police

    The Chicago Police Department released new surveillance footage and files in regards to the Jussie Smollett hoax case on Monday, including one that shows the “Empire” actor shortly after the alleged attack. In one of the videos, police body-cam footage shows authorities entering Smollett’s Chicago apartment, led by his manager, Frank Gatson. Smollett is found [...]

More From Our Brands

Access exclusive content