Wednesday, 3 August 2016

Streaming generates majors $10 million every 24 hours

MBW reports that streaming has become Sony Music's prime source of recorded music revenue abd in its last financial quarter generated around $3.3m a day for the company. Sony Music Entertainment posted 89.71bn Yen ($877m) in recorded music revenues during the three months to end of June - showing very slight growth on the 89.33bn Yen it posted in the same period of 2015. Quarterly streaming revenues grew 39% year-on-year, up to 30.67bn Yen ($300m) - working out to around $25m every week - making streaming Sony's majority earner in the period. Warner and Universal hit the same milestone in the first three months of this year. MBW say that with Warners earning $2m a day from streaming, Sony $3.3m a day and UMG $4m a day - the three majors are now cumulatively turning over just under $10m every 24 hours from streaming platforms.

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