Sony Corp reported its financial results for the company’s fiscal third quarter, which ended on December 31, 2017. The company’s music operations, which are made up of Sony Music Entertainment, Sony Music Japan and Sony/ATV Music, had a successful quarter, with approximately $1.93 billion in revenue and roughly $350 million in operating income.
Recorded music revenue grew by 11.7 percent in fiscal Q3 to just over $1.1 billion from $1.05 billion a year ago. Music publishing jumped 17.9 percent from $142.3 million in Q3 a year ago to $162 million. The top releases for the quarter were by P!nk, Pentatonix, Camila Cabello, Chris Brown, Khalid and David Gilmour. Streaming revenues in the quarter grew by 36.6 percent to roughly $50 million.
Sony’s overall net income for its fiscal third quarter was $4.94 billion on $59 billion in revenue. Also, Sony Corp announced that CEO/President Kazuo Hirai is stepping down and will be replaced by CFO Kenichiro Yoshida.