Sony Music saw a 15.9 percent raise in sales over last year… due to exchange rates.
Since Sony Music reports to Sony Corporate, a Japanese company, they have to convert their earnings to yen prior to reporting. The exchange rate this year is ¥98 to $1, last year it was ¥78 to $1. Sony Music sales were reported to be ¥115 billion ($1.17 billion), 2.7% higher than the last quarter. It was ¥99.2 billion last year.
If boosted exchange rates are taken out of the equation, Sony Music saw almost no change in revenue from last year.
Sony Corporate’s situation is even worse, it lost about $196 million overall. They expect to make a profit of $305 million for the year, which is down from the previously expected $509 million.
Image by @10, licensed under Creative Commons Attribution 2.0 Generic (CC BY 2.0).