Sony streaming revenue up 17% in Q2, Tool LP biggest seller

Sony streaming revenue up 17% in Q2, Tool LP biggest seller

Sony Music streaming revenues hit 66.8 billion yen (£476 million) in the company’s second quarter, a year-on-year increase of 16.9%.

According to the financial results from parent Sony Corp, recorded music revenues were up 6.4% year-on-year at 112.2bn yen (£800m).

Physical sales were flat at 20.3bn yen (£145m) – another strong performance in physical from the major in physical sales this year. Universal Music has also benefited from a strong schedule boosting physical sales. 

Based on revenue terms, Tool’s Fear Inoculum was the biggest seller of the quarter for Sony. The comeback retailed at more than £70 in the UK, as it came with its own screen and hardware. 

Other strong performers were Lil Nas X’s Panini, Chris Brown’s Indigo and Khalid’s Free Spirit.

Sony highlighted big upcoming releases from Celine Dion, Luke Combs, Miranda Lambert, Leonard Cohen and Lil Peep.

As a result of the EMI Music Publishing acquisition, music publishing revenues were almost double compared to Q2 2018 at 38.4bn yen (£274m).

Sony Corp’s music sales segment had sales of 219.3bn yen (£1.56bn) in Q2, up 7.5% year-on-year. Operating income was 37.5bn yen (£267m), up 19% year-on-year. 

The full year revenues forecast has edged up to 850bn yen (£6.06bn).

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