Sony Music is up: firm studies $1.8 billion improve in quarterly income – Dancing Astronaut
by: Ariel King
Aug 5, 2021
Final yr, music operations organizations corresponding to Sony, Common, Warner, and extra noticed sharp drops in income. Now, multiple yr later, Sony Music is reporting a 54% improve in income for recorded music, displaying $1.82 billion of their first-quarter earnings.
Based on the report, streaming development served because the platform that allowed for essentially the most income. Harry Model’s Tremendous Line and Lil Nas X’s current hit singles, “Solar Goes Down” and “Montero (Name Me By Your Identify),” have each been credited as key income drivers.
Music publishing has additionally seen a gentle improve since final yr, producing 51.6% more cash than 2020 for a complete of $430.4 million. Music downloads noticed the one lower, falling 11.1% from $70.7 million in 2020 to $61.7 million final quarter.
Whereas corporations corresponding to Dwell Nation, AEG, and different dwell leisure venues additionally noticed decreases in income as a result of results of COVID-19, corporations corresponding to Fender truly noticed a rise in 2020. According to CNBC, guitar corporations that had been on the verge of chapter had been in a position to bounce again whereas individuals remained caught at house with extra time to select up an instrument.
Through: Sony Music
Featured picture: Getty Photos
Classes: Information