SONY MUSIC ENJOYS 23% Q1 REVENUE BOOST

Sony Music's fiscal Q1 report delivered strong results as segment revenue rose 23% to 442b yen ($3b) in the quarter that ended 6/30. The Rob Stringer-led company upped its forecast for the full year to 1.7 trillion yen ($11.6b), a 3% boost from original projections.

The numbers were driven by growth in music-subscription streaming revenues in recorded music and publishing, increased live and merchandise revenue and variable foreign exchange rates.

The recorded-music division earned 299b yen ($2.03b) in the quarter, streaming revenue was up 19% to 197b yen ($1.33b) and music publishing, which rose 29%, posted revenue of 97b yen ($660m). Operating income came in at 86b yen ($585b), a 17% increase over Q1 2023, and was the highest among Sony’s six business segments.

The quarter's top sellers were Beyoncé's COWBOY CARTER, Future & Metro Boomin's We Don't Trust You and SZA's SOS.

On the gaming side, Sony accrued 865b yen ($5.9b) in revenue in the quarter, a 12% YOY increase, thanks to robust PlayStation sales.