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26.05 - 16:39
Sony's Music Operations Post Nearly 40% Gain in Operating Income as Streaming Revenue Surges
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Sony Corp.'s music segment saw a strong rebound in operating income to ¥30.34 billion yen ($278.3 million) for its fiscal fourth quarter ended March 31, which represented a 39.3% gain from the ¥21.79 billion yen ($197.52 million) posted in the corresponding period in the company's fiscal 2018 year.
With the COVID-19 pandemic beginning in most countries in March, it appears to have had little impact on the fourth quarter performance of Sony's music operations.
For the full year, the company estimated that music operations might have lost 1% in revenue due to the pandemic. But looking ahead, the company says that physical titles and merchandising have been weakened in its second quarter by the pandemic, while also saying new releases had been
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