A live efficiency from SZA, whose SOSin spite of having actually debuted in late 2022, produced the most Q3 2024 earnings of any Sony Music release. Image Credit: Erin Cazes
Sony Music Entertainment accomplished double-digit YoY earnings development in Q3 2024 thanks in part to a fairly strong streaming revealing along with an over 22% spike in physical sales.
Those and other efficiency details for July, August, and September of 2024 (the 2nd financial quarter) emerged in a freshly launched profits report from the overarching Sony Group Corp. All informed, the corporation associated about $2.91 billion ( ¥ 444 billion) in external sales to its music operations for the three-month stretch, up 11.18% YoY.
As normal, though, that complex amount consists of the “visual media and platform” sector, itself including mobile video gaming and more. Omitting this industry-adjacent contribution, Sony Music income can be found in at $2.50 billion ( ¥ 381.77 billion) in calendar Q3, up closer to 13.46% YoY.
(Also worth repeating is that Sony Music gathers earnings in a variety of currencies and reports in yen, with a large typical Q3 currency exchange rate of $1 to ¥ 149.5 identified in the report.)
Behind the amount, tape-recorded music streaming earnings ended up at $1.24 billion ( ¥ 189.47 billion), up 8.98% YoY, according to the Sony Music incomes report, as taped music physical sales provided $167.07 million ( ¥ 25.48 billion), a YoY boost of 22.26%.
For more context, Sony Music artists' leading Q3 releases by tape-recorded income were SZA's SOS (2022 ), David Gilmour's Luck and Strange (2024 ), Travis Scott's Paradise (2023 ), Future and Metro Boomin's We Don't Trust You (2024 ), Beyoncé's Cowboy Carter (2024 ), and Harry Styles' Harry's House (2022 ), respectively.
Remembering the existence of a couple of years-old jobs on the list, Sony Music restated the U.S. tape-recorded music market's 73% catalog-consumption rate (referring particularly to the listenership share behind tasks a minimum of 18 months old).
Structure on the point, higher-ups verified they're wanting to take advantage of NIL rights by pursuing “extra money making chances such as retailing and experiential live occasions that utilize these rights.”
Going back to the core financials, Sony Music Publishing profits for 2024's 3rd quarter was $600.63 million ( ¥ 91.53 billion), up 10.65% YoY. Therein, streaming represented $347 million approximately ( ¥ 52.93 billion), a 9.28% YoY dive.
In General, Sony Music's Q3 operating earnings reached $592.21 million ( ¥ 90.36 billion), an 11.56% YoY increase. Visual media and platform kicked in “somewhat less than 20%” of the figure, per the breakdown.
Late last month, Universal Music Group published its own calendar Q3 financials, and Warner Music Group is set to reveal its efficiency information for the very same duration (the 4th quarter of its ) on Thursday, November 21st.
