Sony Music also had quite the first quarter of revenue. The record label made a whopping $1.34 billion in revenues in the first three months to the end of March this year.
That shows a jump in quarterly revenue of 25%, or around $269 million, compared to the $1.74 billion dollars Sony’s recorded music companies made last year. Of the $1.34 billion Sony’s recorded music companies made in the first quarter, $863 million, or 64% came from streaming platforms.
Across Sony’s fiscal year, to the end of March 2021, the firm’s recorded music generated $4.87 billion, with $3.18 billion of this coming from streaming. The report also shows the albums that made some revenue in the first quarter, with Harry Styles’ Fine Line topping the chart along with he Kid LAROI, F*CK LOVE (Savage), Foo Fighters’ Medicine At Midnight, Doja Cat’s Hot Pink, Travis Scott’s ASTROWORLD, AC/DC’s POWER UP and Miley Cyrus’ Plastic Hearts to name a few.
Sony Music Publishing globally generated $408 million in the three months to end of March 2021, up 11% compared to the $367.5 million it generated in the first quarter last year. Of that $408 million, streaming generated $191.3 million.
The company’s revenue falls short of its rival Universal Music Group, which made $2.20 billion this quarter. Artists who are signed to the label include Taylor Swift, Lady Gaga, Jay-Z, The Weeknd and Ariana Grande.