TOKYO (CelebrityAccess) — Sony reported its financial results for 2024, revealing a modest 0.3% rise in operating profits during the reporting period, despite the headwinds of U.S. President Donald Trump’s tariffs.
Results were propelled by a successful year for Sony’s music business, which reported sales of 1,842.6 billion yen, up by more than 223% from the previous year’s results.
Operating income for the music division also grew, increasing by 55% to 357 billion yen. Sony attributed the segment’s success to higher revenues from streaming services in Recorded Music and Music Publishing along with positive effects from the consolidation of ePlus Inc. within Visual Media & Platform and forex exchange rates.
“We have seen the resilience of entertainment businesses during economic downturns, like during the COVID-19 pandemic,” Sony President Hiroki Totoki said during an earnings report.
Additionally, Sony revealed plans to partially spin off their financial services division as part of a corporate restructuring plan later this year.
