‘Major label’s streaming revenues growing strongly’ is becoming a familiar part of the industry landscape. Following Universal Music’s results earlier this week, Sony Music’s latest quarterly financials came out yesterday as part of its parent corporation’s figures.
The label’s Q2 revenues were up 1.7% year-on-year to $914.2m, with streaming income up by 38.2% to $478.1m within that. That made up for a 31.5% drop in physical music sales, which were $206.8m for the quarter. Streaming was thus 52.3% of Sony Music’s revenues in Q2.
The day also brought more news from Sony’s music businesses. Sony Corp confirmed that its music group generated ¥82.616bn (around $768m) from the sale of some of its Spotify shares earlier this year, leaving the company with a stake worth around $862m in the streaming service.
Meanwhile, Sony has completed its acquisition of the Michael Jackson estate’s share of EMI Music Publishing, paying $287.5m for the 9.84% stake. This is part of Sony’s wider plans to acquire EMI Music Publishing in full, although that deal will have to pass muster with regulators.