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Sony Recorded Music Revenues Dip in 2018 Earnings Report

As part of Sony’s earnings report for its 2018 fiscal year (which ended on March 31) the company’s music division showed mixed results, with recorded music revenues dropping around 4.5% to 426.9 billion yen ($3.82 billion) and overall revenue up just 1% to 795 billion yen ($7.2 billion). The company attributed the drop to lower physical sales, a change in accounting practices and other one-time items. However, operating income was up 82% to 232.5bn yen (2.8 billion).

Streaming growth seems to be leveling off, with a boost of just 15.3% over the 37% jump of the previous year. Revenue from streaming was up 15.3% to 227.5bn yen ($2.03 billion) Streaming now accounts for 53.3% of recorded music revenues, with physical making up 18.7%, download 8.6% and “other” 19.5%.

The company’s publishing division, Sony/ATV, showed results in Martin Bandier’s final year as chairman, with revenue climbing 43.4% to 106.7 billion yen ($955.4 million), driven by the completion of its acquisition of EMI Music Publishing.

For the fourth quarter, the company’s revenues were up 3%, with recorded music down 4.5%. Streaming revenues for the quarter were up 10.1% over the previous year. Physical music revenues plunged by 33.7%; the previous year they were actually up by 3.2% (around $10 million).

The company’s biggest successes of the year included Travis Scott’s “Astroworld” and projects by Camila Cabello, BTS, Luke Combs, Kane Brown, George Ezra, Calvin Harris and Khalid.

 

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