Getting back to its operating income, that performance means that the segment's operating margin improved more than four percentage points to 14.6% of revenue, as compared with the 10.3% the segment tallied in 2018's fourth quarter. Moreover, 2019's performance brings the music unit back to 2017 levels when it had 30.91 billion in operating income, or a 15% operating margin.
Within recorded music, streaming grew nearly 26% to ¥69.95 billion yen , but physical also grew to ¥21.4 billion yen from ¥19.5 billion yen , a 9.6% gain. Meanwhile, downloads were down 4% to ¥8.63 billion yen from almost ¥9 billion yen and other income streams like synchronization and merchandising fell nearly 16% to ¥17.1 billion yen from ¥20.3 billion yen .
Without the gain from the consolidation of the EMI acquisition, operating income in 2018 would have been ¥127.2 billion yen. So when compared to 2019’s operating income of ¥142.35 billion yen, that produced a 23% gain. So when compared to 2020’s operating income of ¥142.35 billion yen, that produced a 11.9% gain.
Breaking out results by operation, recorded music totaled ¥467.15 billion yen , a 9.4% increase over the ¥426.93 billion in the prior year; while the music publishing operations produced ¥157.5 billion yen . Drawing a comparison to the prior year is meaningless because Sony didn't own 100% of EMI Music Publishing for all of 2018, only part of the year, so the company's publishing operation only booked ¥106.7 billion yen in revenue in fiscal 2018.
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