Table of Contents
Key Points
- Sony Music’s fiscal first quarter revenue surged 23%, reaching ¥442 billion ($2.7 billion), driven by major album releases and strong streaming growth.
- Beyoncé’s “Cowboy Carter” achieved over one billion Spotify streams, debuting at No. 1 on the Billboard 200 and Top Country Albums charts.
- Despite overall growth, Sony Music’s physical revenue fell by 5.6%, while its “other” category saw an 81% surge, bolstered by live performances and licensing.
Sony Music, the music division of the Japanese technology conglomerate Sony Group Corporation, reported a significant 23-percent increase in total revenue during its fiscal first quarter, bolstered by the release of Beyoncé’s highly anticipated album “Cowboy Carter.”
For the quarter ending June 30, Sony Music’s revenue soared to ¥442 billion ($2.7 billion), driven by major music releases and strong performance in streaming and publishing.
Influential albums boost Sony’s revenue
In addition to Beyoncé’s “Cowboy Carter,” the quarter saw the release of other influential albums, including “We Don’t Trust You” by Future & Metro Boomin and SZA’s “SOS,” which also contributed to the revenue boost. Sony Group’s overall consolidated revenue experienced a modest two-percent rise, increasing from ¥2.8 trillion to ¥3.01 trillion ($20.5 billion).
Sony’s music divisions—recorded music and publishing—both posted strong gains. Recorded music revenue increased by 26 percent to ¥299 billion ($1.8 billion), with streaming revenue leading the charge. Subscription and ad-supported streaming revenue grew 19 percent to ¥197 billion ($1.2 billion), accounting for approximately two-thirds of the recorded music segment.
Growth uneven in Sony’s music business
However, not all areas of Sony’s music business saw growth. Physical revenue declined by 5.6 percent to ¥24 billion ($150 million). On the other hand, the company’s “other” category — which includes merchandise, live performances, and licensing revenue — experienced a remarkable 81-percent surge to ¥73 billion ($453 million).
Sony’s music publishing division also performed well, with revenue increasing by 28.7 percent to ¥97 billion ($602 million). Streaming revenue within the publishing segment rose 36 percent to ¥56.5 billion ($351 million), while other categories in publishing grew by 19.7 percent to ¥40.1 billion ($249 million).
Beyoncé’s latest album smashes streaming records
Beyoncé’s latest album, “Cowboy Carter,” has achieved remarkable success, reaching over one billion streams on Spotify within the first two months of its release. The album debuted at No. 1 on both the Billboard 200 and Top Country Albums charts, marking a historic milestone as Beyoncé became the first Black woman to top the latter chart since its inception in 1964.
Furthermore, 23 tracks from “Cowboy Carter” charted on the Billboard Hot 100, raising Beyoncé’s career total to 106 entries on the chart, making her the 17th artist — and third woman — to surpass the 100 entries milestone. This achievement underscores Beyoncé’s ongoing influence in the music industry and highlights the commercial success of “Cowboy Carter.”
