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Sony Music profits up, but Sony Corp makes big losses
By CMU Editorial | Published on Friday 29 July 2011
So, a good recent financial quarter for Sony Music, then. News that contrasts with its parent company Sony Corp, which had a horrible three months.
The major’s revenue was up by 7% to $1.35 billion (though that increase is lost to the system once transferred from dollars to yen), while profits were up 61%, partly due to some strong releases, partly due to Sony’s cut of the LimeWire settlement struck in May.
Sony Corp, however, posted a $199 million loss for the quarter. The data-spill that forced the closure, for a time, of the PlayStation Network played its part in the company’s misfortune, though so did the general economic impact of the earthquake and tsunami that hit home country Japan earlier this year.