TYLA, Cowboy Carter Power Sony’s $1.92 Billion Q2 Revenue
Sony Music name-drops releases from Beyoncé, Tyla, SZA, and Tate McRae as major contributors to its Q2 2024 revenue topline
It's earnings call season, and the second quarter of 2024 has seen interesting performance reports from leading music companies. Among them, Sony Music has reported strong growth, with substantial increases in revenue across both recorded music and publishing.
Q2 2024 Highlights
Total Revenue: $2.54 Billion (USD)
Year-on-Year Growth: 11.4% increase from Q2 2023
Recorded Music Revenue: $1.92 Billion
Music Publishing Revenue: $621.3 million
Recorded Music Operations
Sony Music generated $1.92 Billion in recorded music during Q2 2024, marking a 10.8% increase compared to the same quarter last year. Streaming, both ad-funded and premium, played a huge role, contributing about $1.26 billion to the total. Other revenue contributors in this category include physical music sales, license revenue, public performance, broadcast and sync, merchandising and live performance income.
Sony will highlight ten projects with the highest global revenue generation to contribute to its Q2 performance.
- Beyoncé, COWBOY CARTER
- Future & Metro Boomin, WE DON’T TRUST YOU
- SZA, SOS
- Travis Scott, UTOPIA
- Luke Combs, Gettin’ Old
- Tyla, TYLA
- Tate McRae, THINK LATER
- Luke Combs, This One’s for You
- Doja Cat, Scarlet
- 21 Savage, american dream
Tyla's self-titled debut album, released at the close of the previous quarter, stands out as an African-led project contributing significantly to a major label's revenue topline. The album debuted at number 24 on the US Billboard 200 chart, with 24,000 album-equivalent units in its first week. It became the highest-charting album on the Billboard 200 by a female African soloist in the chart's history. The album also peaked at number 26 on the Canadian Albums Chart and 19 on the UK Albums Chart. To date, it has garnered 1.2 billion streams on Spotify, with high-ARPU markets like the United Kingdom, the Netherlands, Australia driving major consumption of Tyla's music.
Music Publishing Operations
On the publishing side, Sony Music generated about $621.3 million globally in Q2 2024, reflecting a 13.3% year-on-year increase. Streaming again played crucial role, contributing $363.2 million to the publishing revenue, marking a 19.6% increase from the previous year.
