Sony Music saw another robust quarter, as its global streaming revenues climbed to $622 million — 21.4% over the same period last year — and its total recorded music revenues jumped 10.5% to $1.04 billion, according to a report for the quarter released early Wednesday, according to Music Business Worldwide. The report, part of Sony’s overall earnings, reflects the company’s second fiscal quarter of 2019.
Surprisingly, physical music sales were up 3.6% to $189.1 million over the same period of 2018, which most likely reflects the modest yet continuing rise in vinyl sales as well as the strength of physical product in major territories like Germany and Japan.
The company cited its biggest global sellers for the period on a revenue basis (in descending order) as Tool’s “Fear Inoculum,” Lil Nas X’s “Panini” EP, Chris Brown’s “Indigo,” Khalid’s “Free Spirit” and South Korean singer Kang Daniel’s “Colour on Me.”
Sony’s music-publishing companies – which include Sony/ATV, Sony Music Publishing Japan and EMI Music Publishing, which it recently fully acquired – hit revenues of $357.6 million.
For the first nine calendar months of 2019, the company’s recorded-music revenues reached $3.01 billion, a 4.8% gain over last year, and its streaming revenues in the same period have hit $1.73 billion, up 18.9%.
Overall, Sony’s revenues were down 3% in local currency terms at JPY2.22 trillion ($20.6 billion), but net profits increased by 9% to JPY188 billion (or $1.74 billion at current exchange rates). Earnings per share came out at more than JPY148, compared with investment analysts’ consensus forecast (as reported by Seeking Alpha) of JPY122 per unit of stock.