Strong third quarter growth for Sony Music
Over the first six months of its fiscal year, Sony Music posted revenue growth of 16.5% year-on-year, to nearly ¥880 billion. Its revenues grew by 10% in the last quarter.
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Sony Music's revenue grew by 10% year-on-year in the 3rd quarter of 2024, the 2nd of its fiscal year, to reach ¥448.2 billion ($2.99 billion). Its revenue growth was 14.4% in recorded music (+9% in dollars), to ¥290.23 billion ($1.94 billion), and 11% in music publishing (+6% in dollars), to ¥91.53 billion ($612.24 million)1.
Its revenue from streaming is up 9% year-on-year over the same period, both for recorded music, at ¥189.47 billion, and for music publishing, at ¥52.92 billion2. In US dollars, the increase in streaming revenue, which accounted for 54.6% of Sony Music's total revenue, was 5% for recorded music and 6% for music publishing.
The record company marginally benefited from a rebound in its physical sales, which grew by just over 22 % year-on-year, to ¥25.48 billion. Its operating profit increased by 12%, to ¥90.4 billion ($604.68 million). The change in the yen exchange rate against other currencies had less impact than in previous quarters on the company's financial indicators, with the Japanese currency depreciating only 3.5% against the dollar in the space of a year.
Over the first six months of its fiscal year, Sony Music posted revenue growth of 16.5% year-on-year, to nearly ¥880 billion ($5,88 billion). The company expects to achieve revenue of ¥1740 billion for the full year (+7.5% year-on-year), and to generate an operating profit of ¥330 billion (+9.4%).
Q2 FY2024 Consolidated Results, Sony Corporation, 8 novembre 2024
Supplemental Information for the Consolidated Financial Results for the Second Quarter Ended September 30, 2024, Sony Corporation, 8 novembre 2024