Sony Music reports 17% revenue increase in 2023-24 financial year

Sony Music reports 17% revenue increase in 2023-24 financial year

Sony Corp has posted its financial results for its fiscal year ending March 31, 2024.

The music segment across recordings and publishing registered revenue growth of 17% to 1.595 trillion yen ($10.2 billion).

Growth was driven by higher revenues from streaming subscription income, as well as a positive impact from currency fluctuations (Sony Corp results are not supplied in constant currency).

Revenue was also positively impacted by higher revenues for merchandise, live, licence and other sales in recorded music

Music operating income set a new record for the segment for the fourth consecutive year. It was the highest among Sony’s six business segments for the second consecutive fiscal year.

SZA’s SOS was the best-selling recorded music project for Sony in the company’s fiscal year. It was also the biggest seller for the fourth quarter.

Beyonce also ranked high in fiscal Q4 (calendar Q1) for the major with the US and UK No.1 result for Cowboy Carter at the end of the quarter. 

Recorded music revenue increased by 20% year-on-year in yen. Within that result, streaming increased by 18.5%, ‘other’ (comprising sync licensing, merch, live and more) increased 60% and physical sales decreased by 7.4%.

Music publishing revenue increased by 18% for the fiscal year.

Q4 was particularly strong with revenue up 29% for recorded music, including 24% growth in streaming.

Sony Music Publishing revenue grew by 25.5% in the fourth quarter.


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