Find tour dates and live music events for all your favorite bands and artists in your city! Get concert tickets, news and more!

Revenue At Sony Music UK Up By 14.1% In 2016-2017

Revenue At Sony Music UK Up By 14.1% In 2016-2017

1479 0

LONDON (CelebrityAccess) — Sony Music UK posted strong performance in revenue for the 2016-17, reporting £226.1 million for the period, a 14.1% improvement over the previous year’s results.

According to financial filings, Sony Music UK’s gross profit improved as well, up by 17.2% to £120.99m for the financial year ending March 31.

Operating profit for the label improved as well, with Sony Music UK reporting £26.5m, up by 74.1% year-over-year, according to financial filings with UK regulators.

Notable transactions for Sony UK in the period included the acquisition of Wildstar Records for £1.8 million last year from Global Radio and Telestar Music. As well, Sony acquired a minority stake in Promised Land Records for an undisclosed amount.

The filing also revealed that Sony Music Uk appeared to have dropped a cool £68.5m on Minsub Limited, which appears to be related to their acquisition of prominent dance label Ministry of Sound Records in August 2016.

Related Post