Sony Group Corporation announced its consolidated financial results for the first quarter ending June 30, 2021. In all of Sony’s business endeavors, Q1 consolidated sales increased 15% compared to the same quarter of the previous fiscal year.
For Sony’s music segment, specifically, Q1 sales increased a significant 44% year-over-year as sales increased in all categories driven primarily by growth in streaming. For the rest of the fiscal year, both sales and operating income are expected to increase.
Streaming revenue, which is Sony’s largest growth driver, grew considerably due to strong paid streaming and a recovery in advertising-supported streaming negatively impacted by COVID-19. During the quarter, streaming revenue increased significantly, 53% year-on-year in recorded music and 70% year-on-year in music publishing. In this quarter, Sony had an average of 36 songs in Spotify’s global top 100 songs ranking, and debut songs from new artists are increasing in ranking.
Sony also completed the acquisition of the DIY artist service business AWAL in May 2021 to strategically complement The Orchard in the growing indie market. In June, Sony also acquired Somethin’ Else, a major British podcast production company, and Alamo Records, a music label focused on hip hop in the U.S. The company also formed an alliance with the rapidly growing online game platform Roblox in July to provide our artists the opportunity to connect with the Roblox community through virtual events and other means.
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