Streaming continues to perform in Sony Q2 results

Sony logo canvasSony reported its financial results from the second quarter, with the parent company posting some declines while its music division recorded growth. Sony’s sales and operating revenue for the period totaled about 1.69 trillion yen ($16.72 billion), down nearly 11% from the year-ago period.

Sony Music Entertainment had a better result, reporting revenue up 8% on-year to 150 billion yen ($1.49 billion). “Recorded Music sales increased primarily due to an increase in digital streaming revenues,” the company said in its earnings statement. That phrase has become common for the major labels; Sony even had streaming as its top revenue source for music in the first quarter of 2016.

Anna Washenko