Sony Music Revenue Hits $4 Billion as Streaming Soars
As part of a strong Sony earnings report for its 2017-18 fiscal year (which ended on March 31) the company’s music division’s revenue rose more than 12% to around $4.03 billion in Rob Stringer’s first year at the helm as CEO. Streaming revenues soared more than 37% to $1.8 billion, comprising more than 44% of the music division’s total.
Physical sales were also up, rising nearly $10 million to $1.20 billion. While the company did not break down those numbers, they were presumably driven by both a continued uptick in vinyl sales and strong results in countries where physical is still strong, such as Japan and Germany. Download revenues continued their downward trajectory, dropping 18% to just under $450 million.
The company singled out Pink’s “Beautiful Trauma,” DJ Khaled’s “Grateful” and Camila Cabello’s “Camila” as its top-selling albums.
The announcement came just three months after the dramatic announcement that accompanied Sony’s third quarter results, that Kaz Hirai would step down as group CEO, with effect from April 1. He was to be replaced by Sony’s CFO and head of internal strategy Kenichiro Yoshida.
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