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Beyoncé, Harry Styles, SZA Steer Sony Music's $2.3 Billion Q3 2023 Revenue

Streaming is Sony's primary revenue driver, accounting for a 66% share with $1.53 billion overall, marking a 10% YoY increase. This rivals UMG’s $1.85 billion streaming revenue at 64% share.

November 15, 2023

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Announced by the parent company headquartered in Japan, Sony Music, encompassing both recorded music and publishing, achieved $2.330 billion in revenue during the third quarter of 2023 (July, August, September). This marked a YoY increase of 8.3%, surpassing Q3 2022 by about $177.8 million.

This compares to Universal Music’s $2.995 billion in revenue same quarter.

PS: Universal Music has always been the leading major label, followed by Sony Music then Warner

Recorded Music

In Q3 2023, Sony Music’s recorded music operation made $1.757 billion, representing an 8.4% YoY growth when compared to Q3 2022. Streaming played a significant role in this milestone, accounting for $1.204 billion, signifying a 9.5% YoY increase. It is worth noting that the streaming revenue figure encompasses both premium and ad-funded streaming.

This compares to Universal Music’s $2.21 billion in overall recorded music revenue; and $1.919 billion in streaming revenue (premium and ad-funded).

However, physical music sales experienced a decline with $144.3 million, down 18.1% YoY. This compares to Universal Music’s $319.98 million in Physical Music revenue

Sony's 'Other' fiscal category within the recorded music sector saw growth, generating $352.2 million in Q3 2023, reflecting a substantial 45.1% YoY increase when compared to the $242.7 million recorded in Q3 2022. This category comprises license revenue, merchandising, etc. This compares to Universal Music’s $247.06 million in ‘Other’ revenues.

PS: ‘Other’ revenue could encompass different things for different companies.

Here are the top ten recorded music projects, excluding artists signed in Japan, which generated the highest revenue for Sony Music in Q3 2023:

  1. UTOPIA - Travis Scott

  2. SOS - SZA

  3. Harry's House - Harry Styles

  4. Gettin' Old - Luke Combs

  5. Endless Summer Vacation - Miley Cyrus

  6. RENAISSANCE - Beyoncé

  7. Almost Healed - Lil Durk

  8. Scarlet - Doja Cat

  9. This One's for You - Luke Combs

  10. Fine Line - Harry Styles

Publishing

Sony Music's publishing operation achieved a revenue of $572.9 million in Q3 2023, marking a YoY growth of 7.7% (compared to Universal Music’s $534.40 million in publishing revenue)

Notably, $335.4 million of this revenue was derived from streaming, representing a 9.5% YoY increase.