Sony Music hits Billion dollar mark in quarterly revenue
The winds are a changin’ as Sony hits Billion dollar mark.
With technology and the rise of streaming, the music industry and record labels have evolved and fought to stay on top and now it seems that they have adapted and are now succeeding heavily.
During the first quarter of 2017, Sony Corp. saw an increase of physical sales as well as an increase in sales and operating revenue, including recorded music, publishing and media.
That was just the beginning as now in the second quarter Sony has reported a solid increase in revenue for recorded music and streaming services. Their sales grew by 37.5% from last year to $1.82 B.
During their second quarter, Sony Corp also reported a steep increase in share earnings, no doubt causing celebration among shareholders big and small.
Their share earnings now stand at 90 cents per share, a dramatic increase from share earnings from 2016.
How dramatic? Share earnings grew from a meagre 4 cents per share to 90 cents per share, even surpassing Wall Street’s predictions of 54 cents.
All in all, it’s so interesting to see the financial trends that take shape, especially in the music industry.
There was real stress in the music industry regarding streaming and illegal downloads, etc.
Now streaming brings in serious money- Last month, Digital Music News reported that major record labels made $14.2 million per day in streaming.
So, the news that Sony Music hits Billion dollar mark is great. Now if only the content creators (producers, musicians, songwriters) could get their fair share of the cash, all would be well…