Sony has released its latest quarterly earnings. In its fiscal Q1 (calendar Q2), Sony’s revenue from recorded music and music publishing reached 121.3 billion yen ($1.11 billion), with operating income of 32.1 billion yen ($294.3 million). As with the most recent financial reports from Sony, streaming remains the key growth driver.
Streaming was responsible for 52.16 billion yen ($478 million) in revenue. That quarterly performance is up from the 38.44 billion yen ($346 million) generated by streaming in the year-ago period. Physical music sales dipped 32.72% decline to 22.45 billion yen ($206.8 million). Download revenue fell 17.6% to 10.67 billion yen ($97.8 million).
In addition to the quarterly results, Sony confirmed its moves related to the sale of its Spotify stock. The previously reported stock sale netted 82.616 billion yen ($768 million) for the label. Its remaining shares in the streaming service currently have a gross fair value of 95.275 billion yen ($862 million).