14:55 | Thursday February 3, 2011
Sony Music experienced a fall in turnover and operating income in three months to December 31, with the company blaming the result on the contracting physical music market.
Sales at the company decreased 14.5% year-on-year to $1.73bn (£1.077bn).
Sony said this was primarily due to the continued contraction of the physical music market, which was only partially offset by higher digital sales.
Operating income fell by $44m (£27.2m) to $241m (£149m), a decrease which reflects lower sales, although this was partially offset by a year-on-year fall in marketing costs.
Best selling albums at Sony Music over the period included Susan Boyle’s The Gift, Michael Jackson’s Michael, Kings of Leon’s Come Around Sundown, Bruce Springsteen’s The Promise and two albums from the cast of Glee.
Overall, net profit at Sony Corp fell 8.6% year-on-year in what was its third fiscal quarter.