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Sony Music Outpaces Rivals in Revenue Growth and Market Share Gains, CEO Tells Investors
Sony Music's revenues are growing faster than the industry average and it is the only major to grow its market share, CEO Rob Stringer told investors.
In the wide-ranging investor presentation, Stringer said Sony is benefitting from the commercial success of albums by superstar artists, including Beyonce, Bad Bunny, Chappell Roan, Tyler the Creator and Charli XCX, and the more than 60 acquisitions and investments worth over $2.5 billion dollars that it has entered into over the past year alone across global frontline, catalog, creative and service businesses. Investments like these are made back by exploiting listeners’ growing demand for older catalog music, Stringer through merchandise sales, sync placements in films and synergies with the gaming industry. Stringer said he hopes the industry’s proof of concept will give government regulators the evidence they need to pass laws reinforcing that system.
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