Sony Group Corporation Q3 Results Show Continued Increase In Streaming Revenue

Sony Group Corporation announced its consolidated financial results for the third quarter ending Dec. 31, 2021. In all of Sony’s business endeavors, Q3 consolidated sales increased 13% compared to the same quarter of the previous fiscal year.

For Sony’s music segment, specifically, Q3 sales increased 12% year-on-year, primarily due to an increase in streaming revenue. Despite the increase in sales of recorded music, operating income decreased primarily due to a decrease in sales of Visual Media and Platform.

In Q3, streaming revenue continued to grow at a high rate. As Sony’s largest growth driver, streaming saw a 29% year-on-year increase in recorded music and 27% year-on-year in music publishing. During the quarter, the recorded music business saw an average of 36 songs ranking in Spotify’s global top 100 songs.

Among Sony’s musical success, British singer-songwriter Adele celebrated a historic hit album in Q3. Her fourth studio album, 30, remained at No. 1 on the Billboard Top Albums chart for a consecutive 8 weeks after its November release.

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