HITS Daily Double


Strong streaming numbers and the full consolidation of EMI into Sony’s music-publishing unit delivered another solid quarter for Sony Music.

Sales in the music division, which includes recorded music, publishing and visual media and platforms, were up 11.6% in dollars to $2.04 billion. Operating income rose 19% to $344m.

For a second consecutive quarter, recorded-music sales hit $1b. Streaming revenues were up more than 21% in the July-September quarter to $622m.

Physical music sales were also up, nearly 4%, to $189.1m, thanks in large part to the success of Tool’s Fear Inoculum.

With the yen-dollar conversion fluctuating, Sony’s results are different in percentage increases depending on the currency. Also, a change in accounting procedures in 2018 has affected year-to-year comparisons.

Overall, Sony Corp.’s operating profit jumped 16%, its strongest-ever result for a second quarter. Image sensor sales were the driver of that spike.

The strong results have led Sony to up raise their forecast for the full fiscal year, which ends in March, to 850b yen from 830b yen. Today, 100 yen gets you 92 cents.