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Sony Music reports $2 billion in growth last quarter

Streaming is in, physical sales are on the way out.

The big labels are just starting to face the music, as it were. The days of physical music sales are over, with online streaming accounting for 53 percent of all recorded music revenue. That’s what Sony Music Entertainment’s Q3 reports indicated, at least. It’s a 44 increase on the previous fiscal year.

Sony Music reported its financial earnings over the last quarter, raking in $2 billion in streaming revenue alone. That’s an overall increase of 22.3 percent from the previous year’s reporting of $1.7 billion from streaming.

The statistics confirm that music consumers are streaming music much more and downloading and buying physical copies of music much less. The company’s Q3 sales report shows that physical sales amounted to just $240.4 million, a 60.9% decrease from 2017.