Sony Music just dropped its latest earnings report, and it’s music to investors’ ears. The iconic Japanese conglomerate saw revenues from its music division jump 10% year-over-year, hitting $2.93 billion for the quarter.
While those topline numbers encompass more than just Sony’s recorded music and publishing arms, the driving força behind the strong performance was its core music business. Recorded music revenues climbed an impressive 14% to $1.9 billion, powered by sizzling streaming growth.
The shift to streaming continues to accelerate for Sony and the rest of the music industry. Recorded streaming revenues surged 9% to $1.24 billion, making up over two-thirds of Sony’s recorded music haul. Sony is cashing in as more listeners flock to Spotify, Apple Music, and other streaming platforms.
Sony saw a 22% revenue spike from good old CDs, vinyl, and other physical formats. At $163 million it’s a relatively small piece of the pie, but an encouraging sign that collectors and audiophiles still value premium music experiences.
On the publishing side, Sony’s operation printed some green notes as well. Publishing revenues rose 11% to $602 million, including a 9% boost in streaming publishing income.
