Sony Music saw its streaming revenue reach $1.282 billion in the first half of the calendar year for 2020, which was up from $1.109 billion during the same half (H1) of 2019. In addition to this 15.6 percent in revenue for streaming services, the company also achieved a revenue of $1.985 billion, up from the $1.965 billion posted during this same period in 2019.
The company’s Q2 however, which consists of the final three months in their H1 reports saw losses as a result of the COVID-19 pandemic. Streaming revenue grew year-over-year by 5.9 percent to $640 million for 2020, compared to 2019, but the company saw major losses for physical sales.
Physical recorded music fell 41.0 percent for year-over-year, dropping down to a total of $118 million, while licensing revenue, merchandise sales and Sony’s income from live shows dropped 38.8 percent to $82.6 million. Music revenue in general saw a sharp drop from 2019 falling 10.5 percent to $911.6 million.
Some of the biggest sellers for the label this quarter (excluding the labels Japan releases) included Harry Styles’ Fine Line, Future,’s High Off Life, Doja Cat’s Hot Pink, Travis Scott’s ASTROWORLD, Polo G’s THE GOAT, Luke Combs’ What You See Is What You Get and Luke Combs, This One’s For You.
Some record labels have begun to see immediate losses as part of the pandemic, with Warner Music Group continuing its operating losses into Q3. Digital revenue increased for that company as well, jumping up 11.1 percent for Q3 compared to the same time period last year.
Sony Music recently announced a $100 million fund to help support social justice causes.
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