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SONY TOPS 50% IN
STREAMING INCOME

Operating profits at Sony’s music division in the last three months of 2018 jumped to $1.35b, thanks to the assimilation of EMI’s publishing assets, and despite revenues dropping 9% to $1.92b. For the first time, streaming has topped 50% of the company’s revenue.

Streaming accounted for 53% of revenue for the Q3 of fiscal 2018, up from 44% a year prior. The company pulled in $575m from streaming in the quarter, a rise of nearly 13%.  

A remeasurement gain of $1.07b resulted from the consolidation of EMI Music Publishing in operating income. Sales of recorded music in the quarter decreased 4%, primarily the result of a new accounting standard and a decrease in sales from a mobile game app.

While streaming rose, physical and download sales were hammered: CDs and vinyl dropped 38% to $146m and downloads accounted for $87m, a 23% dip.

Travis Scott’s Astroworld was the big seller in the quarter along with George Ezra’s Staying at Tamara’sLittle Mix’s LM5 and Pentatonix’s Christmas Is Here!.

The company has not adjusted its outlook for the full fiscal year, which ends 3/20.

 

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