In its latest quarterly report, Sony Music has announced a remarkable 10% increase in revenue compared to the previous year, reaching ¥448 billion ($2.93 billion). The surge in revenue is primarily attributed to the growing popularity of streaming services, which contributed to a 9% rise in streaming income, amounting to ¥189 billion.
Additionally, the company experienced a notable 22% increase in revenue from physical sales, including CDs and vinyl records, driven by successful album releases and heightened interest from collectors.
The triumphant performances of artists like SZA, David Gilmour, and Travis Scott played a crucial role in this financial upswing, as their work attracted a broad audience. Furthermore, revenue from visual media, games, and animation through Sony Music Entertainment (Japan) contributed significantly to overall growth. These factors combined have led to a substantial improvement in the company's financial performance over the past quarter, making Sony Music a standout player in the ever-evolving music industry landscape.
