Sony Music had a strong Q4, according to financial results from Sony Corp.
Streaming revenues for recorded music increased by 20.9% year-on-year to 88.06 billion yen (£614.9 million) in the period ending December 31, 2020 (the company’s fiscal third quarter).
During the calendar Q4 period, overall recorded music revenue was up 12.8% to 142.1bn yen (£992.1m).
Streaming revenue now represents 62% of Sony’s recorded music, compared to 24.7% for physical. The major will get a further boost to its streaming sales this year from the acquisition of AWAL.
Sony highlighted future releases for the next six months from DJ Khaled, Foo Fighters, Future, Kings Of Leon, Travis Scott, Zara Larsson and 21 Savage.
Music publishing revenue increased by 13.3% year-on-year in Sony’s fiscal Q3 to 45bn yen (£314.2m).