Rob Stringer offers insight into how the company is looking at the catalog boom, streaming subscription prices & new revenue models in investor call.
recapped Sony Music’s fiscal year ended March 31, 2022, as well as its double-digit growth over the previous five years. Revenues were up $3 billion since 2017, profit margins have improved and streaming now accounts for 70% of total revenues. Sony had a busy year in terms of acquisitions: Brazilian label Som Livre, artists services platform AWAL, Alamo Records and the remaining share of Ultra Records, among others. Those deals, along with its chart success, helped SME improve its U.S.
From a financial point of view, the presentation and Q&A session provided three major takeaways about Sony’s investments and growth expectations.Sony Music is choosy in its catalog acquisitions and closed “about six” deals across recordings and publishing, Stringer said on Wednesday. Stringer’s comments were meant to ease any analyst or investors’ concerns that Sony is getting caught up in a mad rush to acquire intellectual property.
Stringer went out of his way to say that Sony isn’t doing deals based merely on hunches. “We are extremely aware of the data that is available on, say, a Bruce Springsteen that has been with our company [for] 50 years,” said Stringer, “on a Bob Dylan that has been with the company 60 years, on Paul Simon, who’s been with our company pretty much for 50 years, on Jeff Lynn, who’s been with our company on records and publishing [for] 40 or 50 years.
“This is not a sort of flippant response to the market,” he continued. “It would be clear cut that we are interested in retaining the catalogs of our key cornerstone icons — at the right price. We have an enormous amount of data on those catalogs. So, we think we have [an] inside track…I think we’ve been really careful on this. We’re not starting a brand new business where we’ve never represented catalogs before, but we think the margins are good and therefore it’s boom time.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sony Music’s Rob Stringer Touts Strong Fiscal Year Thanks to Adele, Doja Cat, Lil Nas X, Maneskin and Harry StylesSony Music Group (SMG) chairman Rob Stringer touted a strong fiscal year (for the period between April 1, 2020 and March 31, 2021) and revealed plans to expand the company’s Legacy Unrecouped…
Read more »
Investigation underway after pair of suspects rob elderly woman at Whittier homeThe robbery occurred a little after midnight, when the suspects entered the woman's home and stole several pieces of her property, including jewelry.
Read more »
Why Rob Kardashian missed Kourtney, Travis Barker’s wedding in ItalyThe reclusive former reality star missed out on the couple’s Portofino nuptials out of discomfort for high-profile events, sources tell Page Six.
Read more »
Sony Music’s Rob Stringer Touts Strong Fiscal Year Thanks to Adele, Doja Cat, Lil Nas X, Maneskin and Harry StylesSony Music Group (SMG) chairman Rob Stringer touted a strong fiscal year (for the period between April 1, 2020 and March 31, 2021) and revealed plans to expand the company’s Legacy Unrecouped…
Read more »
In wake of Texas school shooting, Massachusetts leaders decry violence and call for gun controlSome offered condolences, while others called for immediate action on U.S. gun control.
Read more »
‘Horizon Zero Dawn’ Series in Development at NetflixMore Sony video games are getting the TV treatment, as president Jim Ryan revealed in an investor briefing on Thursday that popular PlayStation titles “Horizon Zero Dawn” and “Gra…
Read more »