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Streaming Drives Revenue Growth For Sony In Q3

Streaming Drives Revenue Growth For Sony In Q3

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TOKYO (CelebrityAccess) — Japanese conglomerate Sony revealed the financial results for their third fiscal quarter of 2021 with Sony Music posting solid results, including 295.9 billion yen (about $2.6bn USD) in revenue for the period.

The label’s positive results were driven largely by streaming revenue, which grew 29% year-over-year in recorded music, and 27% year-over-year in the company’s music publishing division.

It wasn’t all about existing catalog either, Sony reported that it continued to generate hits with an average of 36 songs ranking in Spotify’s global top 100 songs during the quarter, including Adele’s latest album ’30’ which topped the Billboard Album Chart for 8 consecutive weeks.

Still, not everything was rosy for Sony Music and despite strong sales, operating income for the division slid by 4 billion yen during the quarter, driven largely by weak performance on the Visual Media and Platform segment.

To read the full report, click here.

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