Sony/ATV has issued financial results for its UK operations up to March 31, 2019.
It was a period when Guy Moot was still in charge of the market leader in Britain. He moved to the top job at Warner Chappell Music in the first half of 2019.
The publisher is now headed up by Tim Major and David Ventura in the UK.
Sony/ATV UK revenues increased by 7.9% year-on-year to £56 million in 2019. Pre-tax profit was down 21.5% to £1.28m.
The majority of the British operation’s turnover was from the UK (55.7%), with the remainder from the rest of the world.
The UK business is diversified among other companies including SM Publishing UK Ltd, a Sony Corp subsidiary that holds various investments and covers Sony/ATV UK staffing costs. Its revenues were up 16% (£7.6m) and it made a pre-tax loss of £8.3m.
The company had 63 employees in 2019, compared to 52 in the previous year.
In addition, UK-based Sony/ATV Music Publishing Europe is responsible for online pan-European use of Anglo-American repertoire.
Its revenues were up 22.1% year-on-year to £47.91m. Pre-tax profit increased by 26.3% to £3.73 million.
“Given the overall move from physical to digital sales in the music industry, the turnover is expected to show a steady growth for the foreseeable future,” said the company’s strategic report.
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