Sony Music Entertainment has reported its results for the fiscal year ending March 31, 2022.
The major’s recorded music revenue increased by 29.5% year-on-year to 668.8 billion yen (£4.2 billion).
Recorded music streaming revenue was up 37.2% year-on-year for 2021-22. Streaming now accounts for 69.1% of recorded music revenue.
Physical music sales dipped 3% compared to the prior fiscal year.
Nevertheless, the major had a big physical release in the form of Adele’s comeback 30 (Columbia). The album was officially Sony Music Entertainment’s best-selling global music project for its fiscal 2021, followed by releases from Doja Cat, The Kid Laroi, Lil Nas X and Harry Styles (the perennial Fine Line).
In the first three months of 2022 (Sony’s fiscal fourth quarter), the biggest seller was Doja Cat’s Planet Her (Ministry Of Sound/RCA) followed again by Lil Nas X, The Kid Laroi, Harry Styles and Tool’s Fear Inoculum.
In the first three months of 2022 (fiscal Q4), recorded music revenue was up 15.7% on the prior year quarter. Streaming revenue for recorded music was up 18.9%, while physical sales were down 12.5%.
Music publishing revenue for fiscal 2021 was up 27.7% year-on-year.
Across its entire music segment, Sony is forecasting year-on-year sales growth of 11%.