Sony Music’s labels generated nearly $4bn in revenue in the last calendar year

Sony Music’s labels generated nearly $4bn in revenue in the last calendar year

As "Music Business Worldwide" reported, Sony Corp shared its new financial figures; it seems that the company’s recorded music division generated a total of $3.85bn in the 12 months of 2017.

In this landscape, streaming was the key driver in this performance. Indeed, streaming platforms – across video and audio – contributed $1.65bn to Sony Music’s recorded music operation in the period, up 32.9% on 2016. That equates to around $137m per month, $32m per week and $4.5m per day.

Annual physical recorded music sales fell 7.2% to $1.17bn in the calendar year, with download sales dropping by 22.6% to $467m. As a result, streaming revenues overtook vinyl and CD in the 12 months to become Sony’s biggest annual recorded music format.

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