Sony Music Earning ‘$5 Million a Day From Streaming’

Sony Music, home to Beyonce, Shakira, Celine Dion, Calvin Harris and Martin Garrix, have published their financial results for their second fiscal quarter of 2017 (July to September). Music Business Worldwide reported that overall, in the first nine months of the year Sony Music generated around $2.7bn, which was an 8.2% increase on the same period in 2016. In addition, this second fiscal quarter has been particularly successful for Sony with their recorded music revenues 21.6% higher than the same period in 2016.

Best sellers like Japanese ‘female idol’ group Nogizaka46 and DJ Khaled’s 10th studio album ‘Grateful’ have all contributed to Sony Music’s continued success.

One of the most interesting figures to emerge from the results was Sony Music’s income from streaming: nearly half of the reported quarterly revenues (49%) came from streaming, with Sony “now generating over $5m a day from streaming services”. In the same three month period. physical formats generated $249m for Sony Music, whilst downloads generated $111m, a 10.2% drop with the same period last year.

The increase in revenue from streaming is echoed throughout the industry, with Warners earning around $4m per day from streaming services and Universal Music Group generating approximately $6m per day. Music Business Worldwide report that Sony have now revised their financial forecast for the full year, and currently estimates its total music revenue in the 12 months up to the end of March 2018, will be over $6.6bn.