Sony Corporation’s latest quarterly financials came out yesterday, and they revealed a strong quarter for Sony Music. Its Q3 recorded music revenues grew by 11% year-on-year to $1.16bn, including 19% growth in streaming revenues – which reached $742.3m. This, despite the fact that Sony Music’s release schedule is still under pressure from the Covid-19 pandemic.
“The release of some new music is being delayed around the world despite a gradual recovery in music recording, as a portion of artists are still unable to record songs and music videos and carry out promotional activities,” is how the company put it. However its results also noted that “revenue from advertising-supported streaming services is beginning to show signs of recovery due to a gradual recovery in advertising spending”.
Sony’s music publishing revenues, however, were down 1.1% to $353.7m in Q3 this year.