Sony Music Revenue, Operating Income Up Double Digits In First Quarter

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Sony Music Revenue, Operating Income Up Double Digits In First Quarter

For the first quarter of 2017, Sony Music has reported an impressive 18.8% revenue gain year-over-year to ¥168.8 billion ($1.53 billion).

Sony's fiscal first quarter profit almost quadrupled from a year earlier, boosted by its lucrative image sensor and other businesses and highlighting a gradual recovery at the Japanese electronics and entertainment company.

One of the major growth areas for Sony imaging sensors is in dual-camera smartphones, particularly those targeting the booming Chinese market. As for the revenue, they marked a sharp drop due to the lack of the launch of important first party titles during this period.

Sony kept its net profit forecast at 255 billion yen, more than triple that from a year earlier, and said it expects its operating profit to leap 73.2 percent to 500 billion yen, which will be the highest in nearly 20 years.

Operating income suffered a bit as well, registering ¥17.7 billion from the ¥26.3 billion earned during the same period previous year.

Sales and operating revenue - 1.858 trillion yen ($16.8 billion), up 15.2% year-over-year. That is a significant improvement from 2016's fiscal first quarter, when the company produced net income of $196 million (21.2 billion yen) on revenues of or $14.9 billion (1.613 trillion yen). During the Electronic Entertainment Expo (E3 2017) in June, the company confirmed that the sales number was 60.4 million worldwide.

Sony has confirmed that it is raising the price of PlayStation Plus, its subscription programme which enables PlayStation 4 online multiplayer access, cloud save storage and offers free-to-download games each month, with the annual membership fee jumping a quarter to £49.99 in the UK. The movie business was the only exception, losing 9.5 billion yen, against a year-earlier loss of 10.6 billion yen.

"The volume of smartphone shipments may not grow", Yoshida said, "but the quality of smartphones will continue to improve as they become an essential piece of social infrastructure in countries like China".

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