Sony Music profits grow in Q2 as sales dip
Sony Music posted a $101m (£62.5m) operating profit in the three months to September 30, a 24% year-on-year rise.
Sales decreased 4.3% year-on-year (a 6% decrease on a constant currency basis) to $1.272bn (£787m) in the quarter.
The company blamed the revenue dip on ‘a recognition of digital license revenue in the same quarter of the previous fiscal year and the continued worldwide contraction of the physical music market’.
It said the jump in operating income was ‘primarily due to ...
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