Sony Music Revenue Soars 11% in Q3 2024, Driven by Strong Streaming and Physical Sales Growth
Sony Music reported strong financial performance in Q3 2024, with overall revenue reaching $2.91 billion, marking an 11.18% year-over-year increase. Excluding visual media and platform segments, core music revenue grew 13.46% to $2.50 billion.
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Key Financial Highlights:
- Recorded music streaming revenue: $1.24 billion (up 8.98%)
- Physical sales revenue: $167.07 million (up 22.26%)
- Publishing revenue: $600.63 million (up 10.65%)
- Operating income: $592.21 million (up 11.56%)
Top Revenue-Generating Releases:
- SZA - SOS (2022)
- David Gilmour - Luck and Strange (2024)
- Travis Scott - Utopia (2023)
- Future and Metro Boomin - We Don't Trust You (2024)
- Beyoncé - Cowboy Carter (2024)
- Harry Styles - Harry's House (2022)
Notable market insights include a 73% catalog consumption rate in the US market, representing listening to music over 18 months old. The company plans to expand revenue streams through merchandising and live events utilizing NIL rights.
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