SONY SECURES DOUBLE-DIGIT Q3 REVENUE GROWTH

Sony Music enjoyed an 11.1% increase in revenue during Q3, powered both by continued streaming growth and a 23% jump in physical sales.

Music accounted for more than $2.9b during July, August and September, although Sony includes figures from its gaming-driven "visual media and platform" departments in that total.

Streaming revenue was $1.24b, a nearly 9% YOY increase, while physical sales brought in $167.1m.

Sony Music Publishing accrued $600m in revenue, a 10.7% increase, $347m of which came from streaming. As 3/31, SMP either owned or administered approximately 6.24m songs.

The Rob Stringer-led company's top releases in terms of revenue for Q3 included Beyoncé's COWBOY CARTER, David Gilmour's Luck and Strange and Future & Metro Boomin's We Don't Trust You, all of which came out this year. Non-2004 albums such as SZA's SOS, Harry Styles' Harry's House and Travis Scott's UTOPIA also continued to perform well.

Sony Music's full-year revenue forecast remained on its target of $11.4b in projected sales, while operating income projections were unchanged at $2.2b.