Sony Music releases impressive financials for Q2

The growth shifts the company’s total recorded music revenue from $936m in Q2 last year to $1.39bn. This is according to the company’s latest financial report for Q2 of 2021.

Streaming returned a record-high $996.4m of the total recorded music figure, representing a 50.2% bump compared to the $663.4m last year.

Sony Music Entertainment‘s top best sellers in the quarter globally, excluding Japan, include Harry Styles (Fine Line), Lil Nas X (various singles), Polo G (Hall of Fame), Lil Tjay (Destined 2 Win), The Kid Laroi (F*ck Love), Doja Cat (Planet Her), Kang Daniel (Yellow), DJ Khaled (Khaled Khaled), Luke Combs (What You See Is What You Get) and Doja Cat (Hot Pink).

Meanwhile, the company’s global publishing business, which comprises Sony Music Publishing and Sony Music Publishing Japan, grew an impressive 48.9% to reach $430.4m year-on-year. Streaming accounted for just over half of that figure, with $215.6m generated in Q2 of 2021.

Sony’s recorded music and publishing business together returned about $1.82bn.

In May, Sony announced that it would continue to expand its content business through acquisitions, and said it would spend 2 trillion yen ($18.3bn) over the next three years on strategic investments, including a push to expand subscribers to its gaming and entertainment services.

Meanwhile, Warner Music Group this week published its calendar Q2 earnings, posting $1bn for a third consecutive quarter. Last week, Universal Music Group released its earnings for Q2, which racked up close to a $1bn in profit.

Download Sony's full earnings report below (PDF).

* Sony reports its financials in the local currency. All figures are calculated to reflect a constant currency, with an exchange rate of 109.5 yen per US dollar for Q2 2021. Sony also changed its accounting standards to IFRS and all figures are based on the new change. Recorded music streaming figures include gross revenues paid to Sony and its partner labels by streaming platforms.