Skip to main content

Sony Posts A Record-Breaking Year In 2017

TOKYO, Japan (CelebrityAccess) — When Sony announced their earnings report for the 2017-18 fiscal year, it revealed that the company’s recorded music business had seen revenue soar on updrafts created largely by music streaming.

Sony Music reported revenue of about $4 billion, an increase of 12% over the same period in 2016. Streaming played a major role in those results, with revenue from the segment up by 37% to $1.8 billion and comprising 44% of Sony Music’s total.

Surprisingly, revenue for physical was up as well, with Sony posting an increase of $10 million with revenue of $1.2 billion. The gains in physical were helped by strong product sales in Japan and renewed interest in premium vinyl.

At the same time, downloaded music suffered, falling by a precipitous 18% to just under $450 million for the fiscal year.

Highlights of Sony Music’s catalog this year included P!nk’s Beautiful Trauma, DJ Khaled’s Grateful and Camila Cabello’s Camila.

The success of Sony’s music division comes against the backdrop of what the Wall Street Journal described as record-breaking financials for Sony and news of the turnaround comes just three months after Kaz Hirai announced plans to step down as group CEO.

“We are glad that we delivered what we promised,” said finance chief Hiroki Totoki, who took office with new chief executive Kenichiro Yoshida this month.

Mr. Yoshida played a key role in the company’s turnaround. As Sony’s chief financial officer, he led cost cutting measures at the conglomerate and oversaw a new focus on the company’s profitable operations.

Other bright spots at Sony include its video games business, including its flagship Playstation brand, as well as mobile gaming. Sony’s image sensors, which are widely used in smartphones, have also been a major profit center for the company, with sales revenue topping $63 million in 2017.

The post Sony Posts A Record-Breaking Year In 2017 appeared first on CelebrityAccess.



from CelebrityAccess https://ift.tt/2Hy4ZCF
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

AWAL Hires Thomas Fiss As Vice President of Strategic Marketing, North America

LOS ANGELES (CelebrityAccess) – Kobalt’s recording arm AWAL has hired Thomas Fiss as Vice President, Strategic Marketing, North America. In this new role, Fiss will oversee creative multichannel marketing, including conceptualizing and producing content offerings and partner integrations for AWAL artists, to grow relationships with brands, media outlets and other external organizations. Fiss joins AWAL with more than 10 years of music industry and partnership marketing experience. Most recently, he served as a department head at Life is Beautiful Music Festival, where he managed brand partnerships, including strategy and execution. He is also the co-founder of Partner.ly, a software platform that simplifies the artist and brand partnership process. Prior to beginning his marketing career, Fiss was a recording artist signed to Capitol Records in the US. Commenting on their latest hire, AWAL President, North America Ron Cerrito said: “We are reimagining the construct and type of serv...
Post a Comment
Read more

Arctic Monkeys, Hozier & George Ezra Among The Ivors 2019 Nominees

LONDON (CelebrityAccess) – Arctic Monkeys, Hozier and George Ezra are among the nominees for the 2019 Ivors, which were announced earlier today (April 24). Now in their 64th year, The Ivors celebrate, honor and reward excellence in British and Irish songwriting and composing across categories for songs, albums, film, TV and video game scores. Works eligible for this year’s awards were commercially released in the UK in 2018 and have a British or Irish songwriting or composing contribution of at least a third. “The works nominated for The Ivors 2019 are brilliantly diverse, and we’re delighted to see so many first-time nominees recognised,” said Ivors Academy chair Crispin Hunt in a statement. “As the only peer-nominated music award in the country, they are a fantastic reflection of the exciting emerging talent of British and Irish music creators today. Our congratulations to all nominated.” This year’s winners will be revealed during a ceremony at Grosvenor House, Park Lane, ...
Post a Comment
Read more