Sony shares quarterly results, confirms Spotify stock sale windfall

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).