Image credit: Sony Music
Sony Music saw its annual streaming revenues jump by 19.5% ($467m) by the end of 2020.
Like most business, particularly those most affected by pandemic lockdowns (i.e the events and live music sector) Sony Music had a slight wobble in Q2. However, saw a massive bounce back in Q3 (ending end of September) with a turnover returned above $1billion ($1.16bn to be exact).
Streaming revenues were the stars of the show, a trend seen at other labels, as it revenues hit $2.87bn across the whole year (across all quarters). Sony Music’s worldwide recorded music revenues, across all format, licensing, physical etc hit $4.51bn, up 8.1% year on year.
In Q4 (three months to the end of December) streaming revenues jumped up by 26%YoY, or by $174m to $843m.
Physical sales also lead to increased revenue in Q4 up to a staggering 41.3% YoY to £336m. Due to the impressive performance of physical sales the annual figure went up from $803, in calendar 2019 to $898m in calendar 2020.
Sony Music’s shining artists (excluding Sony Music Japan) in calendar Q4, in order of revenue generation were:
- AC\DC – Power Up
- Harry Styles – Fine Line
- Bruce Springsteen – Letter To You
- Luke Combs – What You See Is What You Get
- 21 Savage – Savege Mode II
- Miley Cyrus – Plastic Hearts
- The Kid LAROI – Fuck Love
- Polo G – The Goat
- 24kGoldn – Dropped Outta College
- Francis Cabrel – A L’uave Revenant
As expected Sony Music has upped its forecast for the end of its fiscal year that ends on March 2021. Sony Music encompasses Sony’s global recorded music and publishing operations, as well as its ‘Visual Media & Platform’ segment, which includes anime and mobile gaming products. The higher expectation is due to the “higher-than-expected sales of physical media in recorded music” seen in Q4.