Sony’s overall FY results dip despite streaming growth

Sony logo canvasSony 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.

Anna Washenko