We had Universal Music’s latest financials last week, but yesterday it was Sony Music’s turn, fresh from news that its non-Japanese recorded-music and publishing businesses are coming together as Sony Music Group. The company’s Q2 financials pre-date that announcement, of course.
Overall quarterly revenues across Sony’s music businesses grew by 11% year-on-year to ¥202.3bn (around $1.86bn), with Sony saying that a 27% growth in streaming income helped push its recorded-music revenues to ¥111.9bn ($1bn), representing 11% growth compared to last year.
Meanwhile, Sony’s publishing revenues grew by more than 80% year-on-year to ¥39.3bn ($362m) – but as Billboard pointed out, that startling percentage is due to the consolidation of EMI Music Publishing. Within Sony’s recorded-music business, streaming revenues were ¥66.5bn (around $612m) – around $6.8m of daily revenue. That compares to around $10.4m of daily streaming revenues for Universal Music, based on its financials last week.
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