HITS Daily Double

UP 80%

Sony Music's operating profit for fiscal 2018—$2.1b—was up more than 80% over 2017’s $1.15b. Sony’s fiscal 2018 ended 3/31.

Streaming revenues topped $2 billion in fiscal 2018, hitting $2.05b, while the unit’s label revenues dipped slightly to $3.85b at constant currency.

Sales for Sony Music were up 1% to $7.23b, a result of higher streaming revenues—they now represent 53% of the company’s income—and a spike attributable to the full acquisition of EMI Music Publishing in November. Operating income was up more than $900m to $2.08b, again owing to EMI.

With EMI as part of the music-publishing operation, the company has come out of the gate roaring, as Q4 earnings were up nearly 77% to $320.9m.

Sony is predicting another increase in revenue in fiscal 2019 to $7.43b, stating that music publishing and streaming will continue to grow.

The Rob Stringer-led company’s biggest sellers included Travis Scott’s ASTROWORLD, Camila Cabello’s Camila, Luke CombsThis One’s for You, George Ezra’s Staying at Tamara’s and assorted singles from Calvin Harris.