44.3% jump sees Sony Music streaming hit $1bn in latest quarter

A dazzling 44.3% leap in streaming in its recorded music and publishing divisions saw Sony Music deliver strong financials in the three months to September 30.

Doja Cat and The Kid LAROI were the best sellers in the period along with Lil Nas X, John Mayer and Tyler, The Creator.

Recorded music revenue was up 26.7% YoY to 156.3 billion yen (AUD$1.82 billion).

Physical and downloads continued their decline, at 22.9% and 29.4% respectively.

But streaming’s 43.7% jump alone put it in the 113.3 billion yen ($1.32 billion) league.

Digital music now makes up 76.4% of Sony’s recorded music revenues, with streaming at 72.5% (71% at Q3 2020) and downloads at 3.9% (7.1%).

Synchronisation made a 74.8% recovery after last year’s pandemic near wipe-out.

Adele will keep the sums up in the next quarter. Other major releases will be Travis Scott, 21 Savage and Ozzy Osbourne.

Music publishing revenues increased by 26% YoY to 47.3 billion yen ($553,178 million).

Again streaming was a buoyant factor, up 47% to 23.7 billion yen ($276,977 million) from Q3 2020.

Licensing rose 10.2 % to 23.61 billion yen ($275,932 million) from 21.43 billion yen ($250,470 million).

Looking ahead for the current fiscal year, Sony increased its revenue forecast for the music division by 30 billion yen to 1.07 trillion ($12.9 billion) and its operating income forecast by 10 billion yen to 200 billion yen ($2.41 billion).