In the period ending September 30th, Sony Music reported an operating income of $344 million, which is a 19% increase over the same period the year before.
Operating profit at Sony rose even more. The company reported an increase of 23.5%, from 31.5 million yen ($282.5 million) on revenues of 203.9 billion yen ($1.83 billion) to 37.48 billion yen ($349 million) on revenue of 219.3 billion yen ($2.04 billion).
Revenue at the company also rose 8%.
The company attributed its growth to a dramatic increase in music streaming revenue.
Global music streaming revenues at Sony rose 21.4%. At the same time, total music sales rose more modestly. This was due to a steep decrease in downloads, from $88 million to $82.3 million, and overall flat physical sales from CDs, vinyl and cassettes.
Music publishing at Sony rose 95% during the period as well, but this was mostly due to the company consolidating EMI Music Publishing.
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