Profit at music giant British hands triple after record store closure reduced


Profit at music giant British hands triple after record store closure reduced


The former music giant of Beyonce and Robbie Williams has seen a three-fold gain in its British arm after the record store reduced its impact.

Sony Music Entertainment UK reported profits of £ 98 million for the year to 31 March 2021, up from £ 31 million the previous year. According to accounts filed with Companies House, turnover was flat at £ 280 million.

Due to the epidemic, there has been “a decline in the market for physical products and some supplemental revenue streams,” the company’s director said.

However it said streaming growth and cost savings had ‘reduced’ the impact.

On the tune: Sony Music Entertainment UK profits £ 98 million a year for March 31, 2021, up from £ 31 million the previous year

Sony’s UK arm is part of the Japanese group and has seen profits rise by a one-off boost from internal group revenues. Last year there were no dividends.

The rise in profits comes as streaming strengthens on record label earnings. Last year, MPs called for artists to pay a greater share of streaming revenue.

The government has told the Competition and Markets Authority to study major record labels such as Universal, Sony and Warner.

Independent music companies last week called for Apple and Spotify to expand it.

The growth of streaming helped Universal Music Group float last year at $ 40 billion.

But there are signs that streaming growth is slowing, with UK vinyl sales outperforming last year.

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