Sony formally consolidated Bertelsmann’s 50% stake in Sony BMG into a wholly owned subsidiary, Sony Music Entertainment, in October 2008. This is, therefore, the first annual results at Sony to reflect a full calendar year of outright ownership of the recorded music major.
Sony Music, which includes Sony Music Entertainment (SME), Sony Music Entertainment Japan (SMEJ) and a 50% stake in publisher Sony / ATV, reported operating income up 31.1% year-on-year for the 12 months to March 31 2010 at $393m (£266m).
While the result does reflect the outright ownership of Sony Music Entertainment, Sony says the increase in profits was primarily due to improved results at SME and SMEJ, due to “hit releases, Michael Jackson catalogue product sales, growth in new music related businesses (such as concerts, film and television, and sponsorships) as well as a year-on-year decrease in overhead and restructuring costs”.
Best-selling releases during the period included the Michael Jackson catalogue and This Is It soundtrack, Susan Boyle’s I Dreamed A Dream, Alicia Keys’ The Element Of Freedom and Glee The Music Vol 1 and 2.
Sales for the fiscal year increased 35.0% year-on-year to $5.6bn (£3.8bn), although Sony says this is largely the result of the consolidation of SME.
The company adds music sales increased during its fourth fiscal quarter due to releases such as Sade’s Soldier Of Love, Ke$ha’s Animal and Usher’s Raymond v Raymond.
Nevertheless, it has a fairly gloomy outlook for the future: it says music sales and profits are expected to decrease due to the ongoing decline of the physical music market and slowing sales of Michael Jackson catalogue.You can buy Alicia Keys Tickets and sell Alicia Keys Tickets through YourTicketMarket.com. One stop tickets market to catch your favorite event tickets like Alicia Keys Tickets. Alicia Keys Tickets are Guaranteed, Fast and Secure!
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