Sony Music bounces back in fiscal Q2

Sony Music bounces back in fiscal Q2

Sony Music has returned to growth following the impact of the Covid pandemic earlier this year.

For the company’s fiscal Q2 up to September 30, recorded music revenues increased by 9.9% year-on-year at 123.324 billion yen (£912m). Streaming revenue increased by 18% year-on-year and even physical music was up by 29.4%. Streaming now represents 63.9% of recorded music revenue. 

That compares to a tricky fiscal Q1 period three months ago when Covid-19 hit revenues. Recorded music revenues were down 12.4% year-on-year in Q1.

Harry Styles had the top-selling recorded music project for Q2 with Fine Line, which has now gone platinum in the UK. Styles also secured a US No.1 during the quarter with Watermelon Sugar.

Other strong performers in the quarter included Jawsh 685, Future, Polo G, Travis Scott, Doja Cat, Kang Daniel, Luke Combs and Bob Dylan. Sony was also boosted by physical sales in Japan.

After a downturn last quarter, music publishing growth was flat in Q2 at 37.56bn yen (£278m).

Sony highlighted new and upcoming releases from AC/DC, Bruce Springsteen, Future, G-Eazy and Little Mix.

Sony Corp’s music segment (including recorded music, publishing and visual media) increased revenue by 5.3% year-on-year at 230.9bn yen (£1.71bn). Operating income was up by 41.1% year-on-year at 52.9bn yen (£391m).

Sony has now upped its forecast for the music segment in 2020 to 850bn yen (£6.29bn), compared to a projection of 790bn yen (£5.84bn) in August.

author twitter FOLLOW Andre Paine

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