SONY TOPS $1B IN Q2 STREAMING REVENUE

Sony Music hit the landmark of $1b in revenue from streaming during the quarter that ended 9/30 as the unit saw significant growth over the same period in COVID-affected 2020.

In Sony’s fiscal Q2, the recorded music unit brought in $1.42b and was up 26% in yen and 22% in dollars. The Sony Music Group recorded music and publishing units, including Sony Music Japan, grossed $1.85b in the quarter.

Streaming revenues were up 33% to $1.03b. Ad-supported streaming was a big winner, up 44% in yen and 39% in dollars.

Among the hits driving the quarter were Doja Cat’s Planet Her, The Kid LAROI’s F*CK LOVE, Lil Nas X’s MONTERO and John Mayer’s Sob Rock.

Jon Platt’s music publishing unit was up 26%, banking $430m. The company also saw a rebound in performance royalties, merch and synchs, making $151m, a spike of nearly 75% over 2020.

Sony Corp. VP Sadahiko Hayakawa told investors that Sony Music Group “is expected to reach a record-high operating income this fiscal year for the fifth consecutive year.”

Streaming brought in $3.16b in fiscal 2021, which ended 3/30, and $2.59b in fiscal 2020. With Adele already stacking the deck with just one song in fiscal Q3, is a $4b year on the horizon?