![\"Entertainment](\"https:\/\/www.digitalmusicnews.com\/wp-content\/uploads\/2023\/04\/Sony-Music-Earnings-Q1-2023.jpg\" "\\"Entertainment\\"")
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A breakdown of Sony Music Entertainment streaming revenue by quarter. Photo Credit: Sony Group Corporation<\/p>\n<\/div>\n
Entertainment Sony Group Corp. generated \u00a51.36 trillion ($10.02 billion at the present exchange rate) from its music division during the 2022 fiscal year, when recorded music income swelled by over 32%, according to a new earnings report. <\/strong><\/h2>\nThe FY 2022 financials of Sony Music Entertainment (SME) \u2013 covering the major label\u2019s showing across the 12 months ending on March 31st, 2023, that is \u2013 just recently emerged in Sony Group\u2019s overarching performance breakdown. Excluding \u201cvisual media and platform,\u201d which consists of mobile gaming and adjacent operations and has long been grouped into the Japanese conglomerate\u2019s music unit, SME and Sony Music Publishing (SMP) revenue reached about \u00a51.16 trillion ($8.52 billion), the company indicated.<\/p>\n
Per the analysis, Sony Music\u2019s fiscal-year revenue resulted in large part from continued streaming growth on the recorded side, to which higher-ups attributed \u00a5598.87 billion\/$4.40 billion, up about 29.52%.<\/p>\n
Notwithstanding this jump for the entirety of the fiscal year, Sony Music suffered a quarter-over-quarter (QoQ) streaming-revenue decline for publishing as well as recorded during the first three months of 2023, which the report shows delivered about \u00a5184.27 billion\/$1.35 billion (\u00a5148.68 billion\/$1.09 billion from recorded and \u00a535.59 billion\/$261.14 million from publishing), down 8.19% or so.<\/p>\n
Meanwhile, non-streaming recorded income came in at \u00a5286.27 billion\/$2.10 billion (up 38.69%) for the fiscal year and at \u00a573.88 billion\/$542.31 million (up 31.12% YoY) for the initial quarter of 2023, according to the document.<\/p>\n
Within the latter sum is \u00a528.41 billion\/$208.46 million from vinyl<\/a> and other physical releases (a 37.16% YoY improvement), \u00a58.67 billion\/$63.61 million from permanent downloads (up 3.04% YoY and 9.88% QoQ), and \u00a536.80 billion\/$269.99 million from \u201cother\u201d such as licensing, merch, and live shows (up 35.21% YoY).<\/p>\nBehind the growth, execs pointed in part to a positive impact from foreign exchange rates, and for Q1 2023, SME artists\u2019 bestselling projects (by total revenue) were SZA\u2019s SOS<\/em>, Miley Cyrus\u2019<\/a> Endless Summer Vacation<\/em>, Harry Styles\u2019 Harry\u2019s House<\/em>, Pink\u2019s Trustfall<\/em>, and Depeche Mode\u2019s<\/a> Memento Mori<\/em>, respectively.<\/h4>\nShifting to publishing, Sony Music Publishing<\/a>\u00a0is said to have brought in \u00a565.96 billion\/$483.92 million on the quarter (up 22.17% YoY) and \u00a5276.67 billion\/$2.03 billion on the fiscal year (up 38.10%). And as of March 31st, SMP\u2019s catalog of owned and administered works encompassed 5.76 million songs \u2013 up from 5.46 million songs at the end of March of 2022 and 5.03 million songs at March\u2019s end in 2021, the resource shows.<\/p>\nThe aforementioned visual media and platform segment produced \u00a5203.01 billion\/$1.49 billion during the fiscal year (down 12.27% YoY), rounding out the initially highlighted \u00a51.36 trillion in annual music revenue.<\/p>\n
Finally, Sony Music\u2019s operating income grew 24.73% to hit \u00a5263.11 billion\/$1.93 billion for the year and jumped 21.23% YoY to crack \u00a560.44 billion\/$443.36 million for the quarter. Looking forward to the 2023 fiscal year, execs have forecasted \u00a51.41 trillion\/$10.34 billion in revenue for Sony Music (which recently received<\/a> a multimillion-dollar damages payment from TikTok rival Triller) and visual media\/platform as well as \u00a5265 billion\/$1.94 billion in operating income.<\/p>\n<\/section><\/div>\n
Behind the growth, execs pointed in part to a positive impact from foreign exchange rates, and for Q1 2023, SME artists\u2019 bestselling projects (by total revenue) were SZA\u2019s SOS<\/em>, Miley Cyrus\u2019<\/a> Endless Summer Vacation<\/em>, Harry Styles\u2019 Harry\u2019s House<\/em>, Pink\u2019s Trustfall<\/em>, and Depeche Mode\u2019s<\/a> Memento Mori<\/em>, respectively.<\/h4>\nShifting to publishing, Sony Music Publishing<\/a>\u00a0is said to have brought in \u00a565.96 billion\/$483.92 million on the quarter (up 22.17% YoY) and \u00a5276.67 billion\/$2.03 billion on the fiscal year (up 38.10%). And as of March 31st, SMP\u2019s catalog of owned and administered works encompassed 5.76 million songs \u2013 up from 5.46 million songs at the end of March of 2022 and 5.03 million songs at March\u2019s end in 2021, the resource shows.<\/p>\nThe aforementioned visual media and platform segment produced \u00a5203.01 billion\/$1.49 billion during the fiscal year (down 12.27% YoY), rounding out the initially highlighted \u00a51.36 trillion in annual music revenue.<\/p>\n
Finally, Sony Music\u2019s operating income grew 24.73% to hit \u00a5263.11 billion\/$1.93 billion for the year and jumped 21.23% YoY to crack \u00a560.44 billion\/$443.36 million for the quarter. Looking forward to the 2023 fiscal year, execs have forecasted \u00a51.41 trillion\/$10.34 billion in revenue for Sony Music (which recently received<\/a> a multimillion-dollar damages payment from TikTok rival Triller) and visual media\/platform as well as \u00a5265 billion\/$1.94 billion in operating income.<\/p>\n<\/section><\/div>\n
The aforementioned visual media and platform segment produced \u00a5203.01 billion\/$1.49 billion during the fiscal year (down 12.27% YoY), rounding out the initially highlighted \u00a51.36 trillion in annual music revenue.<\/p>\n
Finally, Sony Music\u2019s operating income grew 24.73% to hit \u00a5263.11 billion\/$1.93 billion for the year and jumped 21.23% YoY to crack \u00a560.44 billion\/$443.36 million for the quarter. Looking forward to the 2023 fiscal year, execs have forecasted \u00a51.41 trillion\/$10.34 billion in revenue for Sony Music (which recently received<\/a> a multimillion-dollar damages payment from TikTok rival Triller) and visual media\/platform as well as \u00a5265 billion\/$1.94 billion in operating income.<\/p>\n<\/section><\/div>\n