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Business News Labels & Publishers
Sony revenues down, but profits up
By CMU Editorial | Published on Friday 27 May 2011
Revenues at Sony Corp’s music division, which includes Sony Music, Sony Music Japan and the Sony/ATV music publishing company, were down 9.9% in the financial year that ended on 31 Mar, or 5% if currency fluctuations are taken into account.
The decline was, in the main, Michael Jackson’s fault, in that the previous financial year’s revenues were higher than normal because of all those people rushing out to re-buy the late king of pop’s back catalogue just as soon as he was dead. Although the Jackson legacy remains valuable, the value of his catalogue definitely peaked in the months following his passing.
The more general and continued decline in record sales also played its part, I suppose. On the up side, Sony’s musical profits rose 6.6% to $469 million, mainly because, like all the majors, Sony Music has been quietly downsizing its workforce and other overheads over recent years.
