Sony Music posted a strong second quarter for 2021 as its profits leaped from JPY35.6 billion ($325 million) to JPY55.4 billion ($506 million) on revenues that increased from JPY177 billion to JPY 255 billion ($2.32 billion).
Revenues for recorded music were up 52% to $992 million, publishing rose 49% to $428 million and visual media was up 15% to $483 million, using the calculation employed by Music Business Worldwide.
Streaming was up 56% and physical sales were up 61% — a boost also reported by Warner Music earlier this week, again due to the near-shutdown of the music retail industry during the second quarter last year.
Breaking down the numbers, Sony Music Publishing generated $430.4 million, up 48.9% over the same period in 2020, which saw $289 million. Streaming accounted for $215.6 million. Operating income was up 94% to $503 million.
The company’s biggest reported sellers include Harry Styles’ “Fine Line,” Polo G’s“Hall of Fame,” Lil Tjay’s “Destined 2 Win,” the Kid Laroi’s “F*ck Love,” Doja Cat’s “Planet Her” and “Hot Pink,” King Daniel’s “Yellow,” DJ Khaled’s “Khaled Khaled,” Luke Combs’ “What You See Is What You Get” and several singles from Lil Nas X.
The company also posted its forecast for the fiscal year, rising to $9.45 billion based on the boost from recorded music and also the impact of foreign exchange rates.
However, profit increases from music failed to outweigh declines from film and TV and from games at the Japanese electronics and entertainment giant . But, overall, the group was able to report a 9% increase in net income for the three months to June.
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