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Sony Music Takes A Hit In Q1 2020

Sony Music
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TOKYO, Japan (CelebrityAccess) — Japanese tech giant Sony Corp on Tuesday reported the results of their first fiscal quarter of 2020 with net revenue sliding in the period by JPY 51 billion.

Sony Music saw sales decrease in the first quarter by 12% year over year to JPY 177.1 billion, and operating income decreased JPY 3.4 billion to JPY 34.9 billion.

According to the company’s financial statements, revenue in most of the company’s music categories, has been negatively impacted by the spread of COVID-19.

Overall, streaming revenue growth, including including from packaged media and advertising-supported streaming services, slowed in the quarter, growing by 6% year over year. However, audio streaming was a bright spot on the balance sheet and grew 17% from the previous year.

Sony reported that their revenue from music publishing operation, except for streaming such as music licensing from movies and television, had also been negatively impacted by COVID-19 and declined from JYP 39,290 billion in Q1 2019 to JYP 31,096 billion.

During the quarter, operating income for Sony’s music segment slid slightly, down by JPY 3.385 billion to JYP 34.92 billion.

Overall, Sony’s sales & operating revenue was up slightly to JYP 1.9 trillion while operating income fell by about 1% to JYP 228 billion.

Sony’s filings were based on an exchange rate of 107.6 yen to the dollar.

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