Sony Music reveals big drop in revenues for its last quarter


Sony Music Entertainment has published its latest financial results, for both its last fiscal year (which ended in March) and the last quarter of that year. For the year, Sony Music’s revenues fell 9.9% to $5.67 billion, while in its fiscal Q4 (the first three months of 2011), revenues were down 12.9% year-on-year to $1.32 billion, although operating income remained at $46 million. Why the big drops? Billboard suggests that Michael Jackson may be one of the key causes – the star’s death in 2009 saw a huge boost in sales of albums, radio play and other revenues, which dropped off during 2010. Sony also highlighted “continued contraction of the physical music market” as a factor in its revenue decline.

Written by: Music Ally