Sony’s latest quarterly results tell a pretty clear story: Sony Music sales jumped 22%, driven by fresh demand for Michael Jackson’s catalog after the release of the Michael Jackson biopic Michael. Sony Pictures Entertainment, meanwhile, saw revenue drop 13%.
The effect showed up fast. In the week after the film’s release, Michael Jackson’s solo catalog reached 137.5 million on-demand streams in the US, up 146%, according to Sony’s latest earnings report. Thriller and Bad both climbed back into the quarter’s top 10 best-selling recorded music projects, Thriller returned to the Billboard 200, and “Billie Jean” made its way back onto the Hot 100.
That also helps explain why Sony’s February 2024 deal for a 50% stake in Michael Jackson’s publishing rights and recorded masters, priced at about $600 million, already looks like a sharp buy. At the time, the deal was reported as valuing the full catalog at roughly $1.2 billion. Now, with Michael opening to $218.8 million worldwide in its first weekend, according to Sony’s latest earnings report, you can already see the logic. Film, television, and digital platforms still have the power to wake music rights back up.
If you follow the music business, this report is worth your time.
The full figures are in Sony’s latest earnings report. Sony Pictures Entertainment attributed the decline to a lighter theatrical slate and fewer television series deliveries.
Author: Chennon Kyle "CK" Santaren
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