Sony BMG Net Income, Digital Downloads Up; Physical CD Sales Down
January 30, 2007 at 12:31 PM (PT)
Fiscal Q3 net income for SONY BMG MUSIC ENTERTAINMENT climbed 26.4% to $225 million, though sales and operating revenue was off 1.6% to $1.4 billion, primarily due to "greater contraction" in physical CD sales vs. growth in digital download sales in many markets.
The company said that best-selling albums during the quarter included IL DIVO's "Siempre," the compilation release "NOW That's What I Call Music Vol. 23," and OASIS' "Stop The Clocks."