Sony Music Entertainment’s latest financial results showed an overall decline this fiscal year despite streaming growth. Annual revenue for the recorded music division totaled 388.95 billion yen ($3.5 billion), down 5.8% from the year-ago period. Streaming revenue for the year ending March 2017 rose 27.6% to 140.6 billion yen ($1.3 billion). However, download revenue dropped 31% to nearly 59.42 billion yen ($530 million) for the year. Physical sales for the label declined 16% to 130.98 billion yen ($1.2 billion).
Sony’s results were impacted by the strength of the yen; according to the label’s leader’s, its music segment revenue would have been up 11% on a constant currency basis. The majors have generally been trending upwards in their financial performance as revenue from streaming continues to spike.