Sony Music has reported its full year results for 2019.
Parent company Sony Corp revealed that the recorded music division’s streaming revenues increased by 21.3% year-on-year to 276 billion yen (£2.1bn) in fiscal 2019.
Streaming accounted for 59.1% of recorded music revenues for the year.
The Q4 year-on-year increase in recorded music streaming revenues was 25.9% to 69.9bn yen (£531m).
Overall recorded music revenues were at 467.1 billion yen (£3.5bn), a year-on-year increase of 9.4%.
There was no clear sign of an impact from Covid-19 in the Q4 period ending March 31, 2020. Recorded music revenues were up 12.1% on the prior year quarter at 117 billion yen (£888.8bn).
Operating income for fiscal 2019 in Sony Corp’s music segment was down 38.8% year-on-year at 142.3bn yen (£1.1bn). Sony said the fall was primarily due to the absence of a remeasurement gain resulting from the consolidation of EMI Music Publishing in the previous fiscal year partially offset by the impact of the increased sales. Excluding items associated with the EMI consolidation, operating income would have increased 15.2 billion yen year-on-year.
However, Sony Corp attributed just a 1% drop in consolidated operating income in the music division during fiscal 2019 to Covid-19. It cited cancellation of events and a decrease in music for adverts and in public places.
The coronavirus also cause delays in new music, a lower than expected sales of CDs and a decline in ticket/merch revenue.
Even physical music sales held up in the quarter, increasing by 9.6% year-on-year to 21.4bn yen (£162.5m). For the full year, physical sales were flat at 89.3 billion yen (£679m).
The biggest music project of Q4 in terms of revenue was Harry Styles’ Fine Line, followed by releases from Future, Doja Cat, Jackboys, Ozzy Osbourne, Lil Nas X, Luke Combs, Camila Cabello, Travis Scott and Khalid.
During the full year, Lil Nas X’s 7 EP was the biggest earner, followed by releases from Khalid, Harry Styles, Chris Brown, Tool, Travis Scott, Luke Combs, Pink, Luke Combs again and Tyler, The Creator.
Sony/ATV increased revenues by 46.3% year-on-year in fiscal 2019 to 157.5 billion yen (£1.2bn), following the EMI Music Publishing acquisition.