Sony’s global music rights operation generated $2.5b in Q1 2025

This figure is based on Music Business Worldwide’s analysis of Sony Group Corporation’s calendar Q1 2025 (fiscal Q4 2024) results, announced by the Japanese company on 14 May.

The $2.54 billion figure represents a 1.5% year-on-year increase (compared to calendar Q1 2024), based on US dollar-converted constant currency.

In monetary terms, this means Sony’s total music rights operation (recorded music and publishing combined) earned approximately $37 million more in Q1 2025 than during the same period in the previous year.

Notably, this latest quarterly report also marks the close of Sony Group’s financial year, enabling the company to offer projections for the next 12 months, through to the end of March 2026.

In materials shared with investors today, Sony stated that it expects Sony Music Group’s annual operating income for the 12 months ending March 2026 to grow “in the high single digits on a US dollar basis.”

Recorded music performance

Sony’s global recorded music division generated USD $1.91 billion in Q1 2025, marking a 1.8% year-on-year decline on a US dollar basis, compared to the same period in 2024. (On a Yen basis, however, Sony reported a year-on-year increase of approximately 1%.)

This slight downturn can largely be attributed to a fall in revenue from Sony’s ‘Other’ category – which includes merchandising and live performances – rather than from streaming or physical sales. Within its global recorded music earnings for Q1 2025, Sony generated USD $1.27 billion from streaming, a 1.8% year-on-year increase.

Meanwhile, Sony’s ‘Other’ category in recorded music earned $418.4 million, down 12.2% from the $476.6 million generated during the same quarter in 2024.

This ‘Other’ category includes income from licensing (e.g., public performance, broadcast, and synchronisation), merchandising, and live performances – all of which are subject to seasonal fluctuations.

It is therefore noteworthy that the $22 million year-on-year increase in streaming revenue was more than offset by a $58 million decline in ‘Other’ revenues.

Music publishing performance

Sony’s global music publishing arm – led by Sony Music Publishing – brought in USD $630.9 million during Q1 2025. That figure represents a 12.9% year-on-year increase at the US dollar level. Of this total, $363.4 million was derived from streaming – up an impressive 22.0% year-on-year.

Profit and operating margins

Sony Group also reported profit figures for its corporate Music division (comprising Recorded Music, Music Publishing, and Visual Media & Platform) for the quarter ending March 2025.

In Q1 2025 (fiscal Q4 2024), Sony’s Music division posted an operating income of ¥83.6 billion (USD $548 million), resulting in an operating margin of 17.8%, based on total divisional revenues of ¥470.7 billion (USD $3.08 billion).

Full-year results

As these Q1 results also represent Sony’s fiscal Q4, they encompass full-year results for the financial year ending March 2025.

For FY 2024, Sony’s corporate Music division reported annual operating income of ¥357.3 billion (USD $2.34 billion), representing an operating margin of 19.0%.

Total divisional revenue for the full year – including Visual Media & Platform – reached ¥1.843 trillion (USD $12.09 billion).