Sony Music streaming revenue increased by 22.1% year-on-year to 337.1 billion yen (£2.22bn) in the fiscal year ending March 31, 2021.
Overall recorded music revenue was 516.3bn yen (£3.41bn), up 10.5% year-on-year. Physical sales increased by 9.4% to 97.7bn yen (£645.2m).
For the fiscal fourth quarter (to March 31), recorded music revenue was up 30.5% to 152.7bn yen (£1bn).
Harry Styles’ Fine Line was the biggest-selling music project of the last 12 months for Sony Music in revenue terms, followed by AC/DC’s Power Up, Luke Combs’ What You See Is What You Get, Doja Cat’s Hot Pink and Future’s High Off Life.
Following a Grammy win, Harry Styles was also No.1 for Sony for the first three months of the year. Fine Line was followed by The Kid Laroi’s F*ck Love (Savage), Foo Fighters’ Medicine At Midnight and Doja Cat’s Hot Pink.
Released in December 2019, Harry Styles' second album is still performing strongly and is pushing for another UK Top 10 finish this week. It has UK sales of 436,257, according to the Official Charts Company. Watermelon Sugar is on 1,306,163 sales.
Kenshi Yonezu's Stray Sheep was the biggest seller for Sony Music Entertainment Japan for the 12-month period.
Sony Music Publishing revenues for the fiscal year were flat at 156.9bn yen (£1.04bn). For the fiscal fourth quarter, revenues were up 7.8%.
Overall revenue for Sony Corp’s music segment was up 10.6% year-on-year to 939.9bn yen (£6.21bn), driven by streaming growth. Operating income was up 32.2% to 188.1bn yen (£1.24bn).
For 2021’s fiscal year, Sony Corp is forecasting revenue of 990 billion yen (£6.54bn), up 5.3% year-on-year.
Read Music Week's Harry Styles cover story here.