It has been a solid fact for a very long time now that digital music is the way of the future, but Sony’s recent figures have shown just how important digital sales are to their revenue, with recent figures showing that the format accounted for more than half of their 2016 revenue.
As Billboard reports, Sony Corp.’s music operations reported revenue of $677 million on sales of $5.8 billion for the year ended March 31st. The company have attributed this increase of 4.6% on last year’s report to ‘Fate/Grand Order’, an application for Japanese mobile devices, and to higher than usual music sales.
In their recorded music sector of operations, physical sales accounted for 33.7% of revenue ($1.21 billion). Streaming accounted for 36.2% of revenue ($1.31 billion), downloads and other methods accounting for 14.9% of revenue ($534.5 million), making overall digital sales accounting for 51.5% of Sony’s revenue.
With streaming services and downloading becoming more and more common as years go on, it would be logical to assume trends such as this could only rise. However, with news reporting other formats such as vinyl seeing constant resurgences, it’s hard to know when digital revenue will make up the majority revenue for all media companies.