TOKYO (CelebrityAccess) — Sony reported solid results for their music operation during the company’s second fiscal quarter, with revenue from the music division rising 32% year-over-year to ¥359.3 billion, which is approximately $2.43bn USD.
During the same period, Sony Music’s operating income increased by 28% to ¥78.7 billion, or approximately $532.9 million USD.
Streaming continued to be a key driver of profits for Sony, accounting for ¥151.9bn during the quarter, roughly 30% of Sony Music’s overall revenue.
Other recorded music accounted for ¥43bn of Sony’s quarterly revenue, while Sony’s music publishing division generated revenue of ¥73.4bn, up from ¥47.3bn in the same quarter in 2021.
“In Recorded Music, an average of 48 of our songs ranked in the top 100 songs in Spotify’s weekly global music rankings for the first half of the current fiscal year, which substantially exceeded the average of 36 of our songs that ranked in the twelve months of the previous fiscal year,” said Sony CEO Kenichiro Yoshida in the company’s financial presentation.
“We are maintaining a high share of the hit charts by continuing to generate hits from the contributions of new artists and well-established artists alike, such as Beyonce who released her first new album in six years: Renaissance,” Yoshida added.
