Sony Music streaming revenues boom in Q3

Sony Music streaming revenues boom in Q3

Sony Corp has posted its quarterly results for the company’s fiscal Q3, with streaming growth surpassing even the strong numbers posted today by rival WMG.

For recorded music, Sony posted streaming revenues of 55.5 billion yen (£355.2 million), a year-on-year increase of 36.6%.

Physical sales were stable in the quarter, dipping slightly to 43.7 billion yen (£279.5m)

Total recorded music revenue was 128.2 billion yen (£819m), an 11.7% year-on-year increase. Growth was lower on a constant currency basis.

Music publishing revenue at Sony/ATV increased 17.9% to 18.3 billion yen (£117.2m).

Big sellers for the quarter included Pink, Chris Brown, Camila Cabello, Khalid and David Gilmour.

Sony Corp also announced that CEO and president Kazuo Hirai is stepping down and will be replaced by current CFO Kenichiro Yoshida.

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