Annual profits up at Sony/ATV (Michael Jackson) Music Publishing
Michael Jackson, Susan Boyle Boost Sony Results
May 13, 2010
– Global
By Andre Paine, London
Sony Corp’s Music division – including Sony Music Entertainment, Sony Music Entertainment Japan (SMEJ) and the 50% stake in Sony/ATV – reported a 35% year-on-year increase in sales to 522.6 billion yen ($5.6 billion) in the fiscal year ended March 31, 2010.
The operating income increase was primarily due to
improved results for Sony Music Entertainment and Sony Music
Entertainment Japan. There were strong performing global releases by Michael Jackson, Alicia Keys and Susan Boyle.
In particular, Sony Music Entertainment benefited
from hit releases, Michael Jackson catalog sales, growth in new music
related businesses such as live, film and television and sponsorship
revenue, as well as a year-on-year decrease in overhead and
restructuring costs.
In its forecast Sony Corp said sales are
expected to decrease and operating income is expected to “decrease
slightly,” as a result of the decline in physical sales and a lower
contribution to its revenues from Michael Jackson catalog compared to
the last financial year.
About Sony/ATV Music Publishing:
Sony/ATV
Music Publishing, established in 1995, is a joint venture between
Sony and the Michael Jackson estate.
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