Sony Music Entertainment, the American label powered by Beyonce, Pink, Usher and more, has much to celebrate this year.
How sales of Bey’s music have bolstered the business’ profits?
Brilliant news below…
Revenue from recorded music placed $984 million in the business’ bank account in the quarter that ended on September 30th.
Fuelled by Beyonce’s material (solo and the hits she bore during her time in Destiny’s Child) Sony’s winning streak was also powered by sets built by Adele, Little Mix, the late Michael Jackson, James Arthur, AC/DC and Tony Bennett.
Sony is also forecasting a record profit of $5.57b for its fiscal year, which ends 3/31. If it holds, the company will break a record set in March 1998 when PlayStation launched and Men in Black was a box office smash.
Streaming accounted for just under half of its latest earnings.