Entertainment industry: EQUITY: JAPAN CONSUMER ELECTRONICS

研报英文原文证据摘录

Entertainment industry: EQUITY: JAPAN CONSUMER ELECTRONICS

Global Markets Research

7 July 2026Entertainment industry

EQUITY: JAPAN CONSUMER ELECTRONICS

Research Analysts

Earnings at non-Japanese companies Japan consumer electronics

Yu Okazaki - NSC

Faster growth in music streaming revenues, North American movie box yu.okazaki@nomura.com

office hits continue +81 3 6703 1210

Major record labels reporting acceleration in streaming revenue growth

According to Billboard, Universal Music Group had a 38% share of the music label market

in 2026 Q1, followed by Sony Music Entertainment with 28%, Warner Music Group with

19%, and independent labels (the "indies") with 15%. Sony Music Entertainment and

Warner Music Group both increased their market shares y-y. Streaming & subscription

revenue at Universal Music Group's recorded music segment rose 6% y-y in Jan–Mar

2026 (on a constant currency basis excluding acquisition effects), streaming revenue at

Sony Music Entertainment's recorded music segment rose 14% in USD terms, and

streaming revenue at Warner Music Group's recorded music segment rose 12% on a

constant currency basis. Streaming revenue growth has often been contained to the

single digits in the past year or two, but on this occasion both Sony Music Entertainment

and Warner Music Group achieved growth in the 10–20% range. We attribute this to

increased distribution via labels as a result of price hikes by digital service providers

(DSPs).

Spotify unveils bullish sales outlook at Investor Day

Sony Group [6758] said at its results briefing on 8 May that it expects the mid- to long-

term average growth rate of the music market to be in the mid- to high-single digits. At its

Investor Day on 21 May, by contrast, Spotify set a bullish sales CAGR target of around