The final numbers for joint venture major Sony BMG aren’t exactly thrilling. Sony Corp. today reported results (PDF) for its fiscal second quarter (ended September 30). Not only did Sony’s net income collapse 71.8 percent to ¥20.8 billion ($213 million / €165 million) on sales of ¥2,072.3 billion ($21.2 billion / €16.4 billion). Its recording operation Sony BMG (which is in the process of becoming a fully Sony-owned business called Sony Music) rang up sales of $762 million (€589.8m) in Q2. That is 10.5 percent less than in Q2/2007. Net loss at Sony BMG added up to $57 million (€44.1m), more than seven times as much as the year before and also 36 percent more than in Q1 of this fiscal year.
Tpo sellers for the reporting period were Kings of Leon (“Only by the Night”), cell phone salesman-gone-opera star Paul Potts (“One Chance”) and AC/DC (no, not with “Black Ice”, but with the re-release of the live DVD “No Bull”).
What went wrong? Sony says it recorded an equity loss of ¥3.1 billion ($31.8 million / €24.6 million) in Sony BMG because of a declining music market. Other reasons: restructuring costs of $4 million.
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