Sony’s Music revenue increases 14% amid streaming growth
Sony Music revenue sees a 14% surge driven by streaming growth, strong catalog sales, and expanding global market reach
Sony Music is having a strong year, with the company reporting a 14% increase in revenue for its music segment in the third quarter of fiscal year 2024. The total revenue for the period reached ¥481.7 billion (around $3.14 billion), which is driven largely by the continued rise of streaming across both recorded music and publishing.
Sony also reported operating income for its music division grew by 28%, reaching ¥97.4 billion (approximately $630 million). This growth highlights how well Sony’s music assets are performing, especially as streaming continues to dominate the industry.
Sony’s entertainment divisions are playing a huge role in the company’s overall financial success, and music is a key part of that. The company has now raised its full-year forecast and expects to hit ¥13,200 billion in sales, up from its previous projection of ¥12,710 billion. The revised outlook is largely due to strong performance across its Financial Services and Game & Network Services (G&NS) divisions.
The gaming segment has also been a major contributor, with sales increasing by 16% year-over-year to ¥1,682.3 billion. Higher PlayStation hardware sales, alongside a rise in non-first-party game software and add-on content purchases, helped boost Sony’s earnings. The operating income for the gaming segment climbed to ¥118.1 billion, up from ¥86.1 billion in the same period last year.
With streaming revenues continuing to climb, Sony Music looks to be in a great position heading into 2025. The music industry’s shift towards streaming and digital platforms has worked in Sony’s favor, and its publishing arm is also benefiting from the trend.