Sony Music Revenue Rises 8%
Sony Music reported another round of strong results for the second fiscal quarter of 2019. The division reported an operating revenue of $344 million for the period on sales of $1.4 billion USD, up by 8% in the second quarter when measured against the same period in 2018.
During the same period, operating income was up 19% year-over-year with recorded music revenue up 6.4% or just over $1.04B USD.
An analysis by Music Business Worldwide showed that Sony’s global streaming revenues were a key driver for the division and rose to $622 million, up by 21.4% from the previous quarter. Surprisingly, revenue from physical sales improves as well, rising to $189.1m for the quarter, up by 3.6% over the previous year.
Overall, revenue for the Sony Corporation as a whole was down by 3%.