SONY MUSIC STREAMS THROUGH STRONG Q2
Increased streaming revenue and the impact of foreign exchange rates pushed Sony Music’s fiscal Q2 to 408.7b yen ($2.84b), a 14% spike over 2022.
Streaming was responsible for 222.3b yen ($1.54b) in the quarter that ended 9/30; Recorded Music brought in 173.9b yen, while Music Publishing accounted for 48.4b yen.
Operating income increased 2.3b yen to 81b yen mainly due to the sales increase.
Top sellers during the quarter came from Travis Scott, SZA, Harry Styles, Luke Combs, Beyoncé, Doja Cat, Rod Wave and Peso Pluma.
In its presentation, Sony Group execs said they were focusing on expanding the business in growing global markets, specifically Brazil (via Som Livre) and China, India and Southeast Asia (via The Orchard and AWAL).
Sony has adjusted its fiscal year 2023 forecast to 1.56t yen, which would push the music unit beyond $10b in the 4/1/2023-3/31/2024 period.
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