Yesterday, we reported on WMG’s growth, and now it’s Sony Music Entertainment’s (SME) turn to report increased revenues in the same quarter. Sony Group Corporation, the parent company of SME, reported a near ¥255 billion jump in income (around $2.3 billion, depending on your conversion rates and methodology) for the quarter ending 30th June.
Similarly to WMG, streaming was Sony’s big driver of revenue. There was, “strong paid streaming and a recovery in advertising-supported streaming,” it said, announcing ¥109 billion in revenues from music streaming. That’s just under the magical billion dollars mark (around $995 million) – a significant increase from the ¥68.9 billion (around $641m) reported in the same period in 2020.
Like WMG, a lift in physical sales helped increase SME’s “recorded music – others” earnings to ¥42.8 billion (about $389m) from ¥29.1 billion in 2020, and a further ¥47.1 billion (approx $430m) arrived via publishing, where streaming again showed a large increase in revenue. The final segment of income, “visual media and platform”, also showed a smaller, but significant increase. You can read the full statement here.
Again, it’s worth remembering that April-May-June 2020 was when the pandemic started to take grip on the world, and so the year-on-year increases perhaps require some wider contextual thinking. However, these figures from Sony are impressive, and correlate with key takeaways from the equally impressive reports from the other two majors: big-picture growth, driven by streaming.