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Sony Music Revenues Jump 16% Thanks to SZA & Streaming
With SZA’s album SOS leading the way, Sony Music’s revenue grew 16% to $2.85 billion in its fiscal third quarter ended Dec. 31.
With SZA ’s album SOS leading the way and the market enjoying more growth in streaming royalties, Sony Music’s revenue grew 16.0% to 422.1 billion yen ($2.85 billion at the period’s average exchange rate) in its fiscal third quarter ended Dec. 31, the company announced Wednesday (Feb. 14). Paid subscriptions were a major factor in the first full quarter after Spotify raised prices in roughly 50 markets, including the U.S., in July. Favorable foreign exchange rates accounted for about 24% of the quarter’s 58.4 billion yen ($394.9 million) revenue increase.
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