Sony’s global music rights business, which covers recorded music and music publishing, generated $ US$2.55 billion For the three months to September 2024.
This is according to MBW calculations based on Sony Group Corporation’s third quarter (fiscal second quarter) 2024 results announced today (November 8).
this US$2.55 billion Numbers are up 9.6% On a constant currency basis in U.S. dollars, year-over-year (compared to Q3 2023).
In monetary terms, Sony’s overall music rights business (recorded music plus music publishing) generates approx. $223.5 million The number in the third quarter of 2024 is higher than the same period last year.
[Note: Corporately speaking, Sony Group’s global music operation includes recorded music, plus music publishing, plus ‘Visual Media & Platform’. The final category primarily covers mobile games and animation projects, and has been omitted from MBW’s revenue calculations in this analysis.]
Sony’s recorded music business
Sony Worldwide recorded Generate music operations $1.94 billion Calendar 2024 Q3, upward Annual growth of 10.5% Compared to the same quarter in the prior year.
In this calendar 2024 quarter 3 global recorded music results produced streaming US$1.27 billionup Annual increase of 5.3%.
(This “streaming” number combines a subscription and Advertising-funded streaming revenue generated by Sony’s global recorded music business.
Physical music sales quarterly revenue hits record high in third quarter of 2024 $170.5 millionup Annual increase of 18.2%.
Sony’s “Other” Financial Category Generated from Recorded Music $453.0 million In the third quarter of 2024, there will be a significant increase exist $352.2 million Produced during the same period last year.
The latter category (“Other”) includes licensing revenue (public performance, broadcast and synchronization), merchandise sales and live performance revenue.
According to Sony Corporation’s performance, Sony Music EntertainmentThe top ten recorded music projects (by former artists signed in Japan) in the third quarter of 2024 (ordered by global revenue generation) are as follows:
- SZA, Ask for help
- david gilmour, Lucky and weird
- travis scott, Utopia
- The future and Subway Booming, we don’t trust you
- beyonce, Cowboy Carter
- Harry Styles, Harry’s House
- Luke Combs, this is for you
- Tate McCray, think about it later
- michael jackson, thriller
- chris brown, 11:11
Sony’s music publishing business
Sony Worldwide music publishing Operations – Led by Sony Music Publishing – Generated $612.2 million In the three months to the end of September this year.
Quarterly revenue figures rose in U.S. dollars 6.9% Year-on-year.
Spin-off of Sony’s global music publishing business $354 million Quarterly revenue in Q3 2024 comes from streaming.
Publishing streaming numbers increase 5.5% Year-on-year.
Sony global music profits
Sony Corporation Today also released some profit data of its company music For the three months to June 2024.
(The following figures include Sony’s business Recorded music, music publishing add Visual media and platforms.)
In the third quarter of 2024 (fiscal second quarter of 2024), Sony Corporation’s music division reported quarterly operating income of 90.4 trillion yen ($605 million).
This represents an operating profit rate of 20.2%from total segment quarterly revenue (also includes “Visual Media and Platforms”) 448.2 trillion yen (US$3.1 billion).
Sony also showed investors its Adjusted OIBDA Quarterly performance (see below) — Warner Music Group also uses this metric to present its earnings.
In the third quarter of 2024 (second fiscal quarter of 2024), Sony Music reported adjusted OIBDA of 111.8 trillion yen (Dollar $774 million).
This represents the adjusted OIBDA margin on segment quarterly total revenue 24.9%.
Note: All year-over-year percentage gains/decreases published in this article are calculated at constant exchange rates after conversion to U.S. dollars. MBW uses Sony’s own quarterly average rates for these calculations.
See below for a breakdown of Sony’s latest (fiscal) quarterly music data in Japanese yen, released today by Sony Group Corporation.
For this analysis, MBW converts Sony’s financials from yen to U.S. dollars based on current exchange rates provided by the company each quarter:
- Q1 2020 Calendar: 109.0 JPY/USD
- Q2 2020 Calendar: 107.6 JPY/USD
- Q3 2020 Calendar: 106.2 JPY/USD
- Q4 2020 Calendar: 104.5 JPY to 1 USD
- Q1 2021 Calendar: 105.9 JPY to 1 USD
- 2021 Q2 Calendar: 109.5 JPY to 1 USD
- 2021 Q3 Calendar: 110.1 JPY to 1 USD
- Q4 2021 Calendar: 113.7 JPY/USD
- Q1 2022 Calendar: 116.1 JPY to 1 USD
- 2022 Q2 Calendar: 129.4 JPY to 1 USD
- Q3 2022 Calendar: 138.2 JPY/USD
- Q4 2022 Calendar: 132.3 JPY/USD
- Q1 2023 Calendar: 135.4 JPY/USD
- Q2 2023 Calendar: 137.0 JPY/USD
- Q3 2023 Calendar: 144.4 JPY/USD
- Q4 2023 Calendar: 147.9 JPY/USD
- Q1 2024 Calendar: 148.2 JPY/USD
- 2024 Q2 Calendar: 155.6 JPY to 1 USD
- 2024 Q3 Calendar: 149.5 JPY to 1 USD
By applying these exchange rate data to each applicable period, we effectively obtain a U.S.-biased constant currency picture of Sony Music’s performance.
It’s not a perfect system; by converting the majority of Sony Music Entertainment Japan’s revenue (usually reported directly in yen) into U.S. dollars, the company may be slightly inflating Sony Music Entertainment’s global operations.
But it gives us a clearer picture of New York-based Sony Music Entertainment’s performance outside of foreign exchange distortion, as the company must first convert dollars to yen to get Sony’s results. So does US-based Sony Music Publishing.
MBW believes this currency exchange system is the standard used internally at Sony Music Group’s New York headquarters.
Sony’s own description of its three-company music division is as follows:
- Recorded music – streaming Includes distribution of digitally recorded music via streaming media; Recorded music – other Includes revenue from distribution of recorded music via physical media and digital downloads, as well as from live performances by artists;
- music publishingiIncluding management and licensing of song lyrics and music;
- Visual media and platforms Including the production and distribution of animation works, including game applications based on animation works, and various service products of music and visual products.
In/override the first two parts listed above:
- Sony Music PublishingSony is a music publishing company headquartered in the United States, run by CEO and Chairman Jon Platt.
- Sony Music EntertainmentRun by CEO Rob Stringer, it is Sony’s US-based recorded music business.
- and Sony Music Group Sony Music Entertainment and Sony Music Publishing are Sony’s U.S.-based umbrella groups, also managed by Rob Stringer as chairman.
global music business
