Sony generates $2.28bn from music in Q2 2023

According to financials released by the company, this was a 12.5% year-on-year (YoY) at US dollar-converted constant currency compared to calendar Q2 2022.

Sony’s overall music rights operation generated approximately $254.6m more in calendar Q2 2023 than in the same period last year.

The company’s global recorded music operation generated $1.736bn in calendar Q2 2023, also up 12.5% YoY versus the equivalent quarterly period of the prior year, while streaming generated $1.2bn, up 12% YoY. However, physical music sales declined slightly to $182.4m, or a 7.8% drop.

Sony generated $293.1m, up 39.1% YoY on the $210.7m generated in the prior-year quarter from licence revenue (public performance, broadcast and sync), merchandising and live performance income.

Sony’s global music publishing operation, led by Sony Music Publishing, generated $548.5m in the three months to the end of June this year, up 12.6% YoY.

Sony’s global music publishing operation derived $303.7m of its quarterly revenues in the calendar Q2 2023 period from streaming. That publishing streaming figure was up 17.6% YoY.

In calendar Q2 2023 (fiscal Q1 2023), Sony’s corporate music division posted a quarterly operating income of 73.4 billion yen ($536m).

In calendar Q2 2023 (fiscal Q1 2023), Sony’s Music division posted 82.9 billion yen, representing an adjusted OIBDA (operating income before depreciation and amortisation) margin from total divisional quarterly revenues of 23.1%.

Sony’s three corporate music divisions are Sony Music Publishing, run by CEO and chairman Jon Platt, Sony Music Entertainment, run by CEO Rob Stringer, and Sony Music Group, also run by Rob Stringer as chairperson. Sony Music Entertainment is the umbrella group for both Sony Music Entertainment and Sony Music Publishing.

Below are Sony Music Entertainment’s 10 biggest recorded music projects in calendar Q2 2023, in order of global revenue generation:

1. SZA – SOS
2. Miley Cyrus – Endless Summer Vacation
3. Harry Styles – Harry’s House
4. Luke Combs – Gettin’ Old
5. Daft Punk – Random Access Memories
6. Foo Fighters – But Here We Are
7. Beyoncé – RENAISSANCE
8. Lil Durk – Almost Healed
9. Depeche Mode – Memento Mori
10. Harry Styles – Fine Line