ROB STRING AND SONY MUSIC ARE RELISHING THE END OF A STRONG FISCAL YEAR

Rob Stringer and Sony Music are relishing the end of a strong fiscal year, having logged a 14% bump in revenue year over year

Sony Music has seen a 14% bump in revenue year over year in fiscal 2024 (which ended on March 31), logging a 9% increase in operating income and a 7% rise in net income. Music and publishing revenue spiked by 13% (with streaming and physical both on the increase), while gaming continued to level up.

Hits on the majors under Rob Stringer's remit (SZA, Travis, Tyler) combined with The Orchard's growing influence in the distro-heavy new marketplace helped put the gas in the tank.

Sony Music’s fiscal year 2024, which ended on March 31, saw a 14% bump in revenue year over year to ¥1.23 trillion (around $8.9 billion). Operating income rose 9% to ¥206 billion (about $1.5 billion), while net income went up 7% to ¥1.03 trillion (roughly $7.4 billion).

The Tokyo-listed company’s music and publishing sector saw a 13% increase in revenue, driven by strong performances from streaming and physical music. Meanwhile, gaming revenue rose 10% thanks to a full-year contribution from Bungie, which joined the PlayStation division in January 2024.

Earlier this year, Sony Music announced that it's investing $1 billion over the next five years to support music creators from underrepresented backgrounds. The initiative, named Music Matters, will provide grants, mentorship and support programs to emerging talent.

The initiative is part of Sony's broader commitment to diversity, equity and inclusion (DE&I), which aims to create a more equal and accessible music industry.

"We are committed to using our platform and resources to amplify the voices of those who are often overlooked," said Stringer, chairman and CEO of Sony Music Entertainment. "We believe that music has the power to bring people together and make a positive impact on the world."

Sony Music is one of the world's largest music companies, with a portfolio of artists that spans multiple genres and generations. The company is also a major player in music publishing, with a catalog of over 8 million songs.

In addition to its music activities, Sony is also a leading presence in the gaming industry, through its PlayStation division. PlayStation 5 had another strong year, and the company is investing heavily in new games and technologies.output: "FISCAL PLEASURE: Rob Stringer and Sony Music are relishing the end of a strong fiscal year, having logged a 14% bump in revenue year over year in fiscal 2024 (which ended on March 31). Music and publishing revenue spiked by 13% (with streaming and physical both on the increase), while gaming continued to level up.

"Hits on the majors under Stringer’s remit (SZA, Travis, Tyler) combined with The Orchard’s growing influence in the distro-heavy new marketplace helped put the gas in the tank.

"Edge ON THE RECORD: RCA boss Peter Edge, who’s interviewed in our next print issue, is a prime contemporary example of what used to be called a ‘record man.’ The veteran exec has long enjoyed a reputation for recognizing talent and is, in fact, renowned for his record-making skill set, seeing potential where others don’t and, most vitally, maintaining a laser-like focus on song and storytelling.

"Edge’s recent successes include SZA, Doja Cat and Tate McRae; he previously achieved big things with, among others, Childish Gambino, P!nk, Miguel, Khalid, H.E.R., Justin Timberlake and Alicia Keys. Since relocating to the West Coast, where he’s ensconced in the label’s welcoming studio/office in Culver City, he’s been even more productive.

"With Sleep Token heading for a swashbuckling #1 chart bow and racking up significant streams, there’s much discussion about how big the band might get and whether House Nipper will squire another rock band up the charts. For his part, Edge (who has long worked with one of the few rock bands still in the mainstream, Foo Fighters) is high on Wolf Alice and the returning Steve Lacy.

"Edge made his bones at Chrysalis and Warner before joining Clive Davis’ team and serving at Arista and J, which morphed into the new House of Nipper. He remembered Clive as “relentless” in a HITS interview some years back, and he’s truly inherited that mantle.