Augusto Beato, CEO of Portland SEO, said that it's about time for Sony to focus more on streaming and less on selling physical releases.
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"Promoting catalog on streaming is very different proposition than selling vinyl and CDs," said Beato. "They can't easily control distribution as they did during the time they were selling cassette tapes, vinyl, and compact discs."
Sony Music’s labels generated nearly $4 billion in revenue in 2017, up 5.9 percent year-on-year at constant currency. Streaming revenues overtook vinyl and CD in the 12 months to become Sony’s biggest annual recorded music format.
Last year, streaming platforms – across video and audio – contributed $1.65 billion to Sony Music’s recorded music operation in the period, up 32.9 percent from 2016. Meanwhile, annual physical recorded music sales fell 7.2 percent to $1.17 billion in 2017, with download sales dropping by 22.6 percent to $467 million.
In recent months, Sony management felt that business is too oriented toward physical releases, and moved to correct that imbalance. It realized that it did not have sufficient staffers specializing in deep catalog, streaming, marketing, and analytics. However, the company will continue to release lavish boxed sets.
It recently announces its most ambitious line-up of collectible releases for Record Store Day, to be released Saturday, April 21, 2018.
With 29 releases on 7" and 12" vinyl as well as cassette, this extraordinary collection of titles is Legacy's largest release slate in 11 years of celebrating Record Store Day with independent record retailers across the globe.
These exclusive releases celebrate some of the greatest acts in pop, rock, R&B, hip-hop, country and jazz, including Johnny Cash, Elvis Presley, Jimi Hendrix, Bruce Springsteen, Pink Floyd, The Allman Brothers Band, Jeff Buckley, Eurythmics, Van Morrison & Joey DeFrancesco, Rage Against The Machine, Uncle Tupelo, Bob Dylan & The Grateful Dead, Johnny Mathis, Wu-Tang Clan, Aaliyah, Soul Asylum, Marvin Gaye, Thelonious Monk and many more.
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