Sony’s Profits Driven By Music, According To Financial Report
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The music sector’s strength helps sony’s profits at the end of Q4.
Sony Group Corporation’s fourth-quarter net profits rose due to the recoveries of its music, electronics, and financial business despite its gaming leg having slower earnings.
The Japanese entertainment and electronics company recently said that the net profit for the quarter ending in March rose to ¥107.00 billion ($984.1 million) from ¥12.64 billion Yen the previous year.
The music side of Sony’s enterprises saw the largest profit, rising 34% to ¥40.62 billion. Operating profit at its financial business more than doubled to ¥27.07 billion from ¥12.08 billion. Operating losses at its electronics business narrowed to ¥11.47 billion from ¥59.51 billion.
Profits for its gaming business fell by 28% to ¥33.04, likely due to issues with the production and distribution of PS5’s due to the coronavirus.
It’s no surprise that Sony Music led the profits at the end of the Q4’s due to the massive music consumption across the world due to the pandemic and subsequent lockdowns. Hopefully, the increase will continue and provide a stronger music scene when normality returns.