Sony Corp is forecasting music revenues of 820bn yen (£5.68bn) in 2018, which has been revised upwards by 60bn yen (£416m). The 8% revision is partly down to an expected impact from the EMI Music Publishing acquisition, which should contribute 25 billion yen (£173m) to Sony coffers.
The European Commission’s regulators have approved the deal despite concerns by trade bodies including IMPALA.
The operating income forecast for the year has been doubled to 230bn yen (£1.59bn).
Music revenues in Sony Corp’s Q2 results were down 2.7% year-on-year to 203.9 billion yen (£1.4bn), according to the company’s latest financial report. However, it was basically flat when currency exchange impact was calculated (up 0.5%).
The result was partly down to a new accounting standard and decrease in physical and digital download revenues.
Streaming revenue at Sony’s recorded music operation increased by a relatively modest 7.3% to 57.1bn yen (£396m), compared to the 36% year-on-year increase in the previous quarter. Overall recorded music revenues were down 3.3% at 105.5bn yen (£732m).
Operating income in the music division was down 1% at 31.5bn yen (£218m).
For the first six months of the company’s financial year, music revenues were up 10.2% at 385.3bn yen (£2.67bn), which was down 1.3% on a constant currency basis. Operating income for the half-year period was up 6.1% to 63.6bn yen (£441m).
Revenues at the publishing division for the quarter were flat at 19.44bn yen (£135m).
Big sellers in the quarter included Travis Scott, Luke Combs, George Ezra and Camila Cabello. Sony’s noteworthy projects for the end of 2018 including new albums by Barbra Streisand, Little Mix, Olly Murs and a Springsteen Broadway record.
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