Sony Music Has ‘Killer Year’ With Record Worldwide Album Sales

Driven by strong sales from superstars Pearl Jam and Mariah Carey, Sony Music Entertainment sold more than $5.6 billion worth of albums around the world in the fiscal year ended March 31.

The New York-based firm, which recently dropped from second to third place in the domestic quarterly market-share race, generated more than $500 million last year in operating profit for its parent company, Sony Corp., sources said.

“It was a killer year,” said Sony Music CEO Thomas D. Mottola, referring to his company’s record year-end numbers, which are scheduled to be released today. “It’s true that we’ve slipped a tad during the first quarter of 1995, but I predict that before the year’s end, we’ll pass the 17% market share point.”

Sony, which consists of Columbia and Epic Records, has spent the last decade as the runner-up to Warner Music Group, which ended last year with a 21.10% market share.

However, because of a lack of new releases in the first quarter, Sony dropped from a 15.20% share of the U.S. market to 13.1%. A recent sales surge in PolyGram product has helped push the Dutch firm ahead of Sony to a 14.2% market share.

Industry analysts anticipate that Sony will bounce back before the Christmas season, thanks to a slew of new releases from pop stars such as Michael Jackson, Pearl Jam, Pink Floyd, Michael Bolton, Cypress Hill and Mariah Carey.