As part of Sony’s earnings report for its 2018 fiscal year (which ended on March 31) the company’s music division showed mixed results, with recorded music revenues dropping around 4.5% to 426.9 billion yen ($3.82 billion) and overall revenue up just 1% to 795 billion yen ($7.2 billion). The company attributed the drop to lower physical sales, a change in accounting practices and other one-time items. However, operating income was up 82% to 232.5bn yen (2.8 billion).
Streaming growth seems to be leveling off, with a boost of just 15.3% over the 37% jump of the previous year. Revenue from streaming was up 15.3% to 227.5bn yen ($2.03 billion) Streaming now accounts for 53.3% of recorded music revenues, with physical making up 18.7%, download 8.6% and “other” 19.5%.
The company’s publishing division, Sony/ATV, showed results in Martin Bandier’s final year as chairman, with revenue climbing 43.4% to 106.7 billion yen ($955.4 million), driven by the completion of its acquisition of EMI Music Publishing.
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For the fourth quarter, the company’s revenues were up 3%, with recorded music down 4.5%. Streaming revenues for the quarter were up 10.1% over the previous year. Physical music revenues plunged by 33.7%; the previous year they were actually up by 3.2% (around $10 million).
The company’s biggest successes of the year included Travis Scott’s “Astroworld” and projects by Camila Cabello, BTS, Luke Combs, Kane Brown, George Ezra, Calvin Harris and Khalid.