STREAMING TOPS $1.65B AT SONY IN '17

Revenue at Sony Music reached $1.45 billion in the quarter that ended 12/31, while streaming earned the company $1.65b in the 2017 calendar year.

In the third quarter of Sony’s fiscal 2017, streaming revenue from Sony’s label hit $491m while physical represented $386m and downloads brought in $113m.

Using a rate of 113 yen to the dollar, operating income at Sony was $348m up from $256m in 2016. Sales were up 40% over Q3 2016 and operating income rose 11.4%.

Top sellers included P!nk’s Beautiful Trauma, Chris Brown’s Heartbreak on a Full Moon and Camila Cabello’s Camila. The company touted new records from Justin Timberlake, LANCO and Jack White as among the “noteworthy projects” of the current quarter.

Sony’s overall revenue was up 11% to $23.6b and profits hit $2.6b. Film and TV revenues in Q3 were up 35% to $2.37b; operating profit was $96m.

The earnings report came in tandem with the news that Sony Corp.'s Kaz Hirai would be stepping down as CEO.