Sony Music Corporation Releases Q3 Results: Revenue Surges
On Feb. 3, Sony Corporation released its financial results for its third quarter, which ended Dec. 31, 2020.
According to the report:
Overall consolidated sales and operating revenue increased 9 percent, compared to the same quarter of the previous fiscal year, rising to 2 trillion 696.5 billion yen, approximately $26 billion.
Consolidated operating income increased a significant 59.1 billion yen year-on-year to 359.2 billion yen or approximately $3.5 billion.
In the music division, sales increased 22 percent year-on-year to 264.5 billion yen (approx. $2.5 billion), and operating income increased 23.4 billion yen to 59.7 billion yen (approx. $566 million).
In recorded music, streaming revenue grew at the high rate of 21 percent year-on-year, which the company attributed to discovering and developing new artists, including Doja Cat and other global hitmakers.
See the full report.
