Sony Music's latest earnings report shows hit records by Beyonce, Future and Metro Boomin helped boost growth in recorded music and music publishing.
Boosted by double-digit growth in recorded streaming and helped by major releases from Beyoncé and Future & Metro Boomin, Sony Music said on Tuesday that total revenue grew 23% to 442 billion yen during its fiscal first quarter, which ended June 30.
Sony’s operating income improved 17% to 86 billion yen and adjusted operating income before depreciation and amortization jumped 30% to 108 billion yen . Adjusted OIBDA margin improved to 24.4%.Both of Sony’s music divisions — recorded music and publishing — posted similarly solid year-over-year gains during the period, resulting in the ninth consecutive year of growth on the recording side and 11th straight year of gains for publishing.
Sony Music’s visual media and platform revenue declined 7.1% to 39.7 billion yen . The segment includes mobile gaming, software for PCs and game consoles, and software development contracts. Looking ahead, Sony Music Entertainment raised its forecast for full-year revenue by 3% to 1.7 trillion yen with a projected operating income increase of 5% from the previous forecast in May to 20 billion yen.
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