Sony Music UK revenues up 14% in 2017

Sony Music UK revenues up 14% in 2017

Sony Music UK revenues hits £226.1 million for 2016-17, according to the major’s latest financial results. The figure represents a 14.1% increase on the previous year’s total of £198.1m. 

In the UK, Sony Music’s gross profit for the financial year ending March 31, 2017 was £120.99m, up 17.2% year-on-year. Operating profit was £26.5m, an increase of 74.1%.

In the Companies House filing, Sony Music UK also noted a payment of licensing royalties to Simco Ltd of £3.9m (up from £3.5m in the prior year). As well as handling royalties, Simon Cowell’s entertainment business owns The X Factor and …Got Talent formats.

The latest financial results for Sony Music UK have also revealed that the major snapped up Wildstar Records for £1.8 million last year.

Wildstar was originally run by Colin Lester and Ian McAndrew, who steered Craig David to huge success on the label. Prior to Sony Music UK’s acquisition, it was jointly owned by Global Radio and Telstar Music Group (the latter went into liquidation last year).

The company also acquired 49% of Promised Land Recordings and, in August 2016, paid £68.5m for the shares of Minisub Ltd, which would appear to be related to the Ministry Of Sound Recordings acquisition.

Sony Music Entertainment International, an investment holding company owned by the UK arm of Sony Music, had revenues of £36.4m in 2016-17 compared to £32.1m in the previous 12 months

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