Japanese conglomerate Sony posted combined revenue of more than $3 billion from recorded music and music publishing for a fourth consecutive quarter, reaching a new quarterly high in calendar Q3 2026.
Across both businesses, Sony’s music operations generated US$3.15 billion in the three months to the end of September 2026. The figure is calculated from the results of Sony Group Corp for calendar Q3 2026 (fiscal Q2 2026), which the company announced on Thursday, November 5.
Total music revenue up 8.9%#
The total rose 8.9% year on year on a constant-currency basis in US dollar terms, from $2.89 billion in calendar Q3 2025. In monetary terms, the quarter brought approximately $256 million more than the prior-year quarter.
Dollar figures use average quarterly exchange rates provided by Sony. Sony Music Entertainment and Sony Music Publishing, both headquartered in the United States, aggregate their worldwide subsidiaries’ results in US dollars. Sony Music Entertainment Japan, based in Tokyo, reports in Japanese yen, so converting its revenue to dollars can introduce some currency distortion.
Recorded music revenue rises 10.5%#
Sony’s global recorded music operation generated $2.41 billion in the quarter, up 10.5% from $2.18 billion a year earlier. Within the segment, the following categories stood out:
- Streaming: $1.52 billion, up 7.4% from $1.42 billion. This figure combines subscription and ad-funded streaming revenue.
- Physical sales: $199.4 million, up 7.8%.
- Other: $641.2 million, up 21.2%, the fastest growth in the recorded music business. This category includes licensing revenue (public performance, broadcast and synchronization), merchandising and live performance income.
In dollar terms, the Other category grew by approximately $112 million, slightly more than the roughly $105 million increase in streaming revenue. Sony cited “higher revenues from live events and merchandising in Recorded Music” as one driver of growth in its Music segment.
Music publishing revenue up 3.8%#
Sony’s global music publishing operation, led by Sony Music Publishing, generated $744.8 million in the quarter, up 3.8% from $717.8 million in calendar Q3 2025. Growth slowed from the 6.7% rise recorded in calendar Q2 2026, against a strong prior-year comparison: publishing revenue grew 17.2% in calendar Q3 2025.
Publishing streaming revenue was approximately $467 million, up 5.7%. In calendar Q3 2025, the same category had risen 24.8%.
Music division operating income and margin#
Sony’s corporate Music division, which includes Recorded Music, Music Publishing and Visual Media & Platform, posted operating income of 122.8 billion Japanese yen (US$771 million) in the quarter. The operating margin was 20.5% on divisional revenue of 598.4 billion yen (US$3.76 billion), including intersegment revenue.
Operating income rose 7.4 billion yen, or 6%, year on year in yen terms. Sony attributed the increase to higher streaming revenue and a positive foreign exchange (FX) impact, partly offset by lower revenue from Visual Media & Platform.
Visual Media & Platform primarily covers mobile games and animation projects, and it is not included in the music revenue figures in this article. The unit accounted for “slightly more than 10%” of the Music segment’s operating income in calendar Q3 2026, down from “slightly less than 30%” in the prior-year quarter. That earlier period benefited from contributions from the anime film Demon Slayer: Kimetsu no Yaiba Infinity Castle.
Adjusted OIBDA#
Sony also reports Adjusted OIBDA (operating income before depreciation and amortization) each quarter. Warner Music Group uses the same metric. For the Music division in calendar Q3 2026, Adjusted OIBDA was 154.6 billion yen (US$971 million), a margin of 25.8% of total divisional revenue.
Full-year forecast raised#
Sony raised its forecast for the Music division, including Visual Media & Platform, for the fiscal year ending March 2027. The company now expects sales of 2.30 trillion yen for the year, up 110 billion yen (5%) from the forecast it issued in July.
