News - 28/04/2018

The first 12 months of Rob Stringer as Sony Music CEO

The first 12 months of Rob Stringer as Sony Music CEO

Rob Stringer became Sony Music CEO at the start of April 2017. Now "Music Business Worldwide" posted a breakdown of how the company’s global finances looked during his first 12 months.

The figures were announced by Sony Corp (in Japanese Yen: "MBW" converted them into USD at prevailing annual exchange rates).

In Sony’s FY 2017 (to end of March 2018), the company’s recorded music operation turned over $4.03bn, up 12.2% year-on-year overall. Streaming was the protagonist, with revenues rising 37.3% to $1.8bn – claiming 44.2% of Sony Music’s total recorded music sales in the 12 months. But also physical sales were up, rising by just under $10m year-on-year to hit $1.22bn.

FY download revenues fell 18% to $449.4m, while combined other sources of recorded music revenue jumped 8.9% to $582.1m.

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