Sony Music pulled in $2.5b in the last three months of 2020, a 27% spike over the same quarter in 2019.
The market was well pleased by the numbers; Sony stock is up a mighty 12% as of this writing.
Streaming revenues rose 26% to $842.7m. Physical sales, driven by hits in Japan, were up 42% to $517.2m, visual media and platform, buoyed by the hit Demon Slayer, spiked 57% to $741m and publishing was up 18% to $430m.
Operating income was up 71% to $571m, and the operating income margin hit almost 23%, a rise of 6%. The strong showing led Sony to up the year-end revenue forecast for the music division to $8.5b. Titles from AC/DC, Harry Styles, Bruce Springsteen, Luke Combs, 24kGoldn and The Kid LAROI were among the quarter’s top performers.
Sony has realigned its product-category configuration in the music segment. Recorded Music—Streaming includes the distribution of digital recorded music via streaming; Recorded Music—Others includes the distribution of recorded music by physical media and digital download as well as revenue derived from artists’ live performances; Music Publishing includes the management and licensing of the words and music of songs; and Visual Media and Platform includes the production and distribution of animation titles.
Overall, Sony Corp.'s fiscal Q3 net profit rose 62% to $3.54b, the result of higher earnings from its game and electronics businesses.
NEAR TRUTHS: REALIGNMENT AND RECOGNITION
Underscoring the year's biggest stories (11/19a)
NEAR TRUTHS: THE ELEPHANT IN THE ROOM
Nervous time in the music biz and beyond. (11/16a)
| ||
NOW WHAT?
We have no fucking idea.
COUNTRY'S NEWEST DISRUPTOR
Three chords and some truth you may not be ready for.
AI IS ALREADY EATING YOUR LUNCH
The kids can tell the difference... for now.
WHO'S BUYING THE DRINKS?
That's what we'd like to know.
|