Sony Group Corporation announced its consolidated financial results for the third quarter ending Dec. 31, 2021. In all of Sony’s business endeavors, Q3 consolidated sales increased 13% compared to the same quarter of the previous fiscal year.
For Sony’s music segment, specifically, Q3 sales increased 12% year-on-year, primarily due to an increase in streaming revenue. Despite the increase in sales of recorded music, operating income decreased primarily due to a decrease in sales of Visual Media and Platform.
In Q3, streaming revenue continued to grow at a high rate. As Sony’s largest growth driver, streaming saw a 29% year-on-year increase in recorded music and 27% year-on-year in music publishing. During the quarter, the recorded music business saw an average of 36 songs ranking in Spotify’s global top 100 songs.
Among Sony’s musical success, British singer-songwriter Adele celebrated a historic hit album in Q3. Her fourth studio album, 30, remained at No. 1 on the Billboard Top Albums chart for a consecutive 8 weeks after its November release.
To read the full report, click here.
The post Sony Group Corporation Q3 Results Show Continued Increase In Streaming Revenue appeared first on MusicRow.com.