News

Streaming revenues grew by 21% for Sony Music in Q3


Tags:

Sony Music also enjoyed a good third quarter of 2019, according to its parent corporation’s latest financial results.

Sony’s overall music division reported ¥37.5bn in operating income (around $344m) in Q3, up 19% year-on-year, based on an 8% rise in revenues to ¥219.3bn ($2bn). For recorded-music specifically, it was another billion-dollar quarter, fuelled by a 21.4% rise in global streaming revenues to what MBW estimates is $622m for the quarter.

An unholy imaginary-supergroup of Tool, Lil Nas X, Chris Brown and Khalid provided the artistic drive behind the quarter’s sales and streaming revenue.

Meanwhile, Sony’s music publishing business is also growing well, albeit with a big impact from its acquisition of EMI Music Publishing. Billboard reported that publishing revenues grew by 95% year-on-year to ¥38.4bn ($362m).

Stuart Dredge

Read More: News
Leave a Reply

(All fields required)