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Sony Music Posts 14% Jump in Revenue From Streaming Subscriptions, Big Releases
Sony Music Q3 earnings show 14% revenue growth — total revenue of $2.72 billion — bolstered by big releases and subscription streaming growth.
Sony Music reported 14% revenue growth in the quarter ending last year — or total revenue of 482 billion yen ($2.72 billion) — bolstered by big releases from ATEEZ and Tyler, the Creator and subscription streaming growth across recorded and music publishing divisions, its parent company Sony Group Corp., reported Thursday (Feb. 13). Sony Music’s operating income grew 28% to 97 billion yen ($630 million) from a year ago for the company’s third fiscal quarter ending Dec. 31. Adjusted operating income before depreciation and amortization (OIBDA), which strips out company spending on certain assets like equipment, rose 23% to 121 billion yen ($786 million).
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