Sony Music’s recorded music revenues decreased by 12.4% year-on-year to 98.086 billion yen (£709m) in the company’s fiscal Q1 as a result of the Covid-19 pandemic.
During the period ending June 30, Sony also reported a 12% year-on-year decrease in sales across its music segment. The downturn was blamed on lower sales in the recorded music and publishing divisions due to the global pandemic.
Sony Music Group chairman Rob Stringer (pictured) has spoken about the major’s efforts to help those affected by the pandemic.
The major was hit by a decrease in advertising-supported streaming service revenues and music licensing revenues. Covid-19 was also blamed for lower sales for visual media in Japan, along with a decline in sales for production of physical media and the postponement and cancellation of live events.
However, growing streaming revenues slightly softened the blow.
For the 2020 financial year, Sony is forecasting a 7% year-on-year decrease for its music segment, because of the impact of Covid-19 on physical music, the loss of income from concerts and the decrease in licensing revenues.
In Q1, physical music sales slumped by 42.2% to 12.69 billion yen (£91.7 million). Streaming revenues edged up 3.64% to 68.9 billion yen (£498m), although that rate of growth is well down on the 16% in Q4.
Harry Styles’ Fine Line was Sony’s biggest seller in the quarter. In the UK, the album is currently at No.7 and has sales of 251,521, according to the Official Charts Company. The single Watermelon Sugar is also at No.7 (620,886 sales).