ANOTHER $1B QUARTER FOR SONY

Sony Music had another solid quarter to end the calendar year as streaming revenues were up 21% and overall revenue was up 7.5% to $1.99 billion.

Profit for the music division’s quarter hit $333m.

Recorded music pulled in $1.16b, an 11.4% spike over 2018. Streaming was responsible for $667.7m, representing 58% of Sony’s revenue in the company’s quarter, which ended 12/31. The company’s margins are around 17%.

Top sellers included Harry Styles’ Fine Line, Luke Combs’ What You See Is What You Get and Romance by Camila Cabello.

Apples-to-apples comparisons are difficult to the compute due to accounting adjustments and the consolidation of EMI Publishing. Publishing in the quarter was up 30.8% to $365m, an example of both growth in the business and the accounting of EMI revenues.

The forecast for the full fiscal year, which ends 3/31, is holding at $7.8b for the music unit.