Huge news from Sony today.
Effective August 1, Sony Corporation is bringing together its recorded music and music publishing businesses outside of Japan to form Sony Music Group.
That’s according to a memo sent out by Sony Corporation President and CEO Kenichiro Yoshida to staff today (July 17) and obtained by MBW.
As part of the restructure, Sony Music Entertainment CEO Rob Stringer (pictured) is going to run Sony Music Group as well as Sony Music Entertainment.
Jon Platt, the recently appointed Chairman and CEO of Sony/ATV Music Publishing, will report to Stringer.
Sony Music Entertainment Japan will remain a separate entity, reporting to Yoshida.
“I would like for the new Sony Music Group and SMEJ to continue and further strengthen their collaboration in the spirit of One Sony,” writes Yoshida in the memo.
This move of course brings the company in line with the other majors, Universal Music Group, which is headed up by Chairman and CEO Sir Lucian Grainge and Warner Music Group, with its CEO Steve Cooper.
“This unification will help us foster a higher level of collaboration between our recorded music and music publishing businesses, while respecting and maintaining the independence and unique culture of each organization.”
Kenichiro Yoshida, SOny
“The purpose of this new Group is to further strengthen and solidify Sony’s position as a leader in the music industry and create new value for the company,” adds Yoshida in the memo.
“This unification will help us foster a higher level of collaboration between our recorded music and music publishing businesses, while respecting and maintaining the independence and unique culture of each organization.”
Sony Corp bought a 60% stake in EMI Music Publishing for $2.3bn in May last year and later snapped up remaining 10% stake from the Jackson Estate.
You can read Kenichiro Yoshida’s memo in full below:
As part of Sony’s business goals to increase collaborations across its entertainment units, be closer to creators and unlock more strategic opportunities, I’d like to inform you that effective August 1, we are bringing together Sony’s recorded music and music publishing businesses outside of Japan to create a new Sony Music Group. I have asked Rob Stringer to take on the role of Chairman of this new Group, in addition to his current duty as CEO of Sony Music Entertainment.
The purpose of this new Group is to further strengthen and solidify Sony’s position as a leader in the music industry and create new value for the company. This unification will help us foster a higher level of collaboration between our recorded music and music publishing businesses, while respecting and maintaining the independence and unique culture of each organization. Under this new structure, Jon Platt, Chairman and CEO of Sony/ATV Music Publishing, will report to Rob. Jon will retain the authority and responsibility he currently has with respect to the operation of the music publishing business.
The rise of streaming services alongside other changes in the market has transformed our music business and created more opportunities for growth than ever before. As a result, we felt it was particularly important at this juncture for Sony to take proactive steps to sustain its leadership position in the music industry by accelerating the collaboration and value creation between our world-class recorded music and music publishing businesses to strengthen our value to artists, songwriters and business partners.
While Sony Music Entertainment Japan will remain a separate entity, reporting to me, I would like for the new Sony Music Group and SMEJ to continue and further strengthen their collaboration in the spirit of One Sony.
It’s been 51 years since Sony entered the music business through a joint venture of CBS Sony Records in 1968. And, with the acquisition of EMI Music Publishing in 2018, Sony has become an even stronger music company.
I have the utmost respect and trust in Rob and Jon who are outstanding leaders with enormous industry expertise and have the strong support of their employees, artists and songwriters. Working together, and with your help, I am confident they will lead Sony Music Group to a new level of success, remaining the world’s most artist- and songwriter-friendly music company, and further strengthening and securing our legacy for the future.Music Business Worldwide
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