Global entertainment and electronics giant Sony reported a record $3.78 billion net profit in Q3. Sony's pictures division grew and gaming division struggled, but the real star driving profits was music.
Operating profits at Sony Music was up $1.35 billion from $361 million thanks to a one time gain from the consolidation of EMI music publishing. Overall, however, revenues in the music division dipped 9% to $1.92 billion.
That last downward stat is in contrast to the rest of the recorded music sector. Vivendi's Universal Music Group is booking growing revenue, and the sector overall is surging thanks to streaming growth.
At Sony, streaming revenue grew 13% in the quarter, while physical sales dropped almost 38%.
Sony's Top 5 records during the quarter were Travis Scott (“Astroworld”), Bob Dylan (“More Blood, More Tracks: The Bootleg Series vol. 14”), George Ezra (“Staying at Tamara’s”), Little Mix (“LM5”), and Pentatonix (“Christmas is Here!”).