Sony consolidates recorded music and editing under Sony Music Group

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Sony Corp. has just brought together Sony Music Entertainment and Sony / ATV Music Publishing under the newly created Sony Music Group. This reorganization puts Rob Stringer, CEO of Sony Music, at the head of the Sony Music Group. & Nbsp;

According to an internal note obtained by VarietyThe change of structure means that Jon Platt, president and CEO of Sony / ATV, will report to Stringer. As the two bands join forces, they will continue to operate independently, with Stringer and Platt remaining in their current roles. The reorganization aims to strengthen collaborative efforts between the divisions of recorded music and publishing. Sony Music Entertainment Japan will continue to operate as a separate entity under the chairmanship of Sony Corp., Kenichiro Yoshida. & nbsp;

"The goal of this new group is to strengthen and consolidate Sony's position as a leader in the music industry and create a new value for society," says the memo. "This unification will help us strengthen the level of collaboration between our recorded music and music publishing businesses, while respecting and maintaining the independence and unique culture of each organization."

The memo highlights the rise of streaming services as one of the catalysts for the move. "We felt that it was particularly important at this point that Sony take proactive steps to maintain its leading position in the music industry by accelerating collaboration and value creation between our music companies." Recorded and world-clbad music publishing to strengthen our value for artists, composers and business partners, "said the memo. & nbsp;

As Display panel The streamlining of Sony recalls the structure of two major labels: Universal Music Group and Warner Music Group. UMG brings together Universal Music Publishing Group and Universal Music Group Recordings in one company, while Warner Music Group is home to Warner's music and publishing divisions. & Nbsp;

Other divisions of the entertainment sector within Sony have been streamlined over the last year. In June 2018, Sony Pictures Entertainment merged its television, home entertainment and distribution networks under the head of television Mike Hopkins. This decision was also a reaction to the rise of digital media, as the company struggled with the decline in home entertainment revenue from streaming. & Nbsp;

However, Sony retains its status as the world's largest music publisher. Last November, Sony Corp. finalized the acquisition of EMI Music Publishing, which it merged into Sony / ATV. "With the acquisition of EMI Music Publishing in 2018, Sony has become an even stronger music company," Yoshida wrote in his memo. Display panel reported that the move reported to the publisher $ 1.275 billion in revenue, "based on the most recent annual revenues of about $ 610 million for Sony / ATV and 663 million dollars for EMI Music Publishing. "

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Sony Corp. has just brought together Sony Music Entertainment and Sony / ATV Music Publishing under the newly created Sony Music Group. The reorganization puts Rob Stringer, CEO of Sony Music, at the head of Sony Music Group.

According to an internal note obtained by VarietyThe change of structure means that Jon Platt, president and CEO of Sony / ATV, will report to Stringer. As the two bands join forces, they will continue to operate independently, with Stringer and Platt remaining in their current roles. The reorganization aims to strengthen collaborative efforts between the divisions of recorded music and publishing. Sony Music Entertainment Japan will continue to operate as a separate entity under the chairmanship of Sony Corp., Kenichiro Yoshida.

"The goal of this new group is to strengthen and consolidate Sony's position as a leader in the music industry and create a new value for society," says the memo. "This unification will help us strengthen the level of collaboration between our recorded music and music publishing businesses, while respecting and maintaining the independence and unique culture of each organization."

The memo highlights the rise of streaming services as one of the catalysts for the move. "We felt that it was particularly important at this point that Sony take proactive steps to maintain its leading position in the music industry by accelerating collaboration and value creation between our music companies." Recorded and world clbad music publishing to strengthen our value for artists, composers and business partners, "said the memo.

As Display panel The streamlining of Sony recalls the structure of two major labels: Universal Music Group and Warner Music Group. UMG groups Universal Music Publishing Group and Universal Music Group Recordings into one company, while Warner Music Group is home to Warner's recorded music and publishing divisions.

Other divisions of the entertainment sector within Sony have been streamlined over the last year. In June 2018, Sony Pictures Entertainment merged its television network, home entertainment and distribution business with television director Mike Hopkins. This decision was also a reaction to the rise of digital media, as the company struggled against declining home entertainment revenues from streaming.

However, Sony retains its status as the world's largest music publisher. Last November, Sony Corp. finalized the acquisition of EMI Music Publishing, which it merged into Sony / ATV. "With the acquisition of EMI Music Publishing in 2018, Sony has become an even stronger music company," Yoshida wrote in his memo. Display panel reported that the move reported to the publisher $ 1.275 billion in revenue, "based on the most recent annual revenues of about $ 610 million for Sony / ATV and 663 million dollars for EMI Music Publishing. "