Sony Music Revenue Growth and Market Share Gains Outpace Rivals: CEO – Billboard

In a wide-ranging presentation, Rob Stringer says superstars like Beyoncé and Bad Bunny, along with $2.5 billion in investments, have helped drive growth over the past several years. Rob Stringer photographed on January 13, 2023 at the Ned in New York. Matt Salacuse Sony Music Group’s revenues are growing faster than the industry average, and it is the only major to grow its market share, CEO and chairman Rob Stringer said during an investor presentation on Friday. For nine straight years, the major music company and subsidiary of the Japanese film, gaming and media conglomerate Sony, said it has achieved record-setting revenue, growing at an average compound annual growth rate (CAGR) of 14.7% over the past four years compared to the industry’s 11.3% CAGR, while streaming revenue grew at a 15.1% CAGR. And according to MIDiA Research, Stringer said Sony was alone among the three majors to increase its market share from 2020 to 2024, due to it’s “higher independent market share than any other label or distributor” as a result of owning the indie distributor The Orchard. In the wide-ranging investor presentation, Stringer said Sony is benefitting from the commercial success of albums by superstar artists, including Beyonce, Bad Bunny
Read More