Sony Music Posts Gains in Most Recent Quarter July 29, 2010
By Glenn Peoples
Sony Music Entertainment posted slight gains in the quarter ending June 30, 2010. The company’s revenue increased 1.3% to 110.3 billion yen ($1.24 billion) from 108.8 billion yen last year. Sony cited the impacts of top sellers such as AC/DC’s “Iron Man 2” soundtrack, music from the TV show “Glee,” Usher’s “Raymond v Raymond” and Kana Nishino’s “to LOVE.”
Operating income rose 39% to 7.5 billion yen ($84 million) from 5.4 billion yen. The company attributed the increase to its top sellers as well as a decrease in marketing and overhead costs.
Sony Corp, Sony Music’s parent company, reported a 3.8% increase in revenue to 1.6 trillion yen ($18.67 billion) due mainly to strong performances from two divisions, Consumer, Professional & Devices (which had a large increase in sales of LCD televisions) and Networked Products & Services (which had strong growth in PC sales and PlayStation3 hardware and software).
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