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Business News Labels & Publishers
Sony music businesses see revenues and profits rise
By Chris Cooke | Published on Monday 10 February 2014
While Sony Corp at large continues to struggle, the conglom’s music businesses are doing alright, with revenues in the last quarter of 2013 across the music division – which includes the Sony record company, Sony/ATV publishing firm and its music businesses in Japan – up 14.4% year-on-year, resulting in an operating profit rise of 32.5%. In cash terms that’s $1.38 billion in revenue and about $207 million in profit.
Global releases from One Direction, Beyoncé and Miley Cyrus all helped, with Sony top guard also noting the continued rise of digital revenues. Record sales in Japan, however, were down a little year-on-year, though that was blamed on a light release schedule compared to late 2012. For the current financial year, which ends on 31 Mar, both revenues and operating profits are also up within Sony’s music division.
