TOKYO (CelebrityAccess) — Sony Music saw solid growth during the company’s first fiscal quarter, with increases in revenue and operating income in virtually every segment.
According to Sony’s financial filings, the company’s music segment saw overall revenue increased by 89 billion yen, (approximately $568m USD), up by 23% year-over year, while operating income grew by 24.7% to 73 billion yen during the quarter.
Sony’s recorded music division generated earnings of 164.8 billion yen from streaming, an increase of 19.27% year-over-year and an additional 72.8 billion yen (40.78% year-over-year) from physical media and digital download, as well as revenue from artists’ live performances, merchandising, and license revenue.
Revenue from Music publishing expanded for Sony as well during the 1st quarter of 2024, growing by 28.67% to 96.6 billion yen.
Additionally, Sony saw increases in adjusted operating income as well, with music operations accounting for 107.7 billion yen, up by 24.7% year-over-year.
Impactful releases for Sony during the quarter included Beyoncé’s country music venture, Cowboy Cater, and SZA’s SOS.
As part of the release, Sony raised its projections for revenue and profits for the remainder of the year.
