Sony Music Group has announced a significant increase in quarterly sales, reporting a revenue boost of 60 billion yen, reaching a total of 542.4 billion yen ($3.47 billion) for its fiscal third quarter. This growth was primarily fueled by the streaming success of new releases from prominent Spanish-speaking artists, including Rosalía and Peso Pluma. Operating income also saw a 9% increase, totaling 106.4 billion yen ($681.2 million).
The company has revised its revenue growth expectations upward, projecting an increase of 70 billion yen ($448 million), which represents a 4% rise from previous guidance. This is complemented by an expected operating income growth of 60 billion yen ($384 million), reflecting a 16% upward revision. Streaming revenue continues to play a crucial role in Sony’s financial performance, with Peso Pluma and Tito Double P’s collaborative album Dinastía emerging as one of the most streamed projects of the quarter.
In terms of recorded music revenue, Sony reported a 13% increase, amounting to 355 billion yen ($2.27 billion). This growth was supported by a remarkable 30% rise in other recorded revenue, which encompasses live events and merchandise sales, totaling 90 billion yen ($576 million). Additionally, revenue generated from vinyl records and other physical music sales experienced a 17% increase, reaching 35 billion yen ($224 million).
The publishing segment also demonstrated strong performance, with revenue climbing 14% to 108 billion yen ($691 million). Revenue from visual media and platforms matched this growth rate, also increasing by 14% to 76 billion yen ($487 million), attributed to the continued success of the Demon Slayer film franchise. Furthermore, adjusted operating income before depreciation and amortization rose by 10% to 133 billion yen ($851 million). The company noted a favorable exchange rate, which resulted in a 5.1 billion yen ($32.7 million) gain due to the conversion of U.S. dollar sales into Japanese yen.
