Sony Music revenues up 8% in its Q2 earnings

Sony Music revenues up 8% in its Q2 earnings

Sony Music’s total music revenues for its Q2 grew by 8%, according to its new earnings report.

The firm generated music revenues, including publishing and recorded music, of $1.4bn for the three-month period ending September 30, with operating income hitting $164m.

The biggest driver, unsurprisingly, was streaming, which accounted for 41.5% ($303m) of its quarterly revenues, marking a year-on-year growth of 26.6%.

Meanwhile, physical sales made up a healthy 40% of its Q2 revenues, while downloads continued to dwindle. Accounting for just 18% of revenues for the period and plummeting 31.6% year-on-year.

On the recorded music front, revenues dipped 1% to $865m, while publishing revenues dropped 11.9% to $150m.

Music Week Radar, 6th October 2016

Nova Twins – Hitlist. Filmed at Music Week Radar, Under the Bridge

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