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Sony kicks off its fiscal year with $17.9 billion in revenue for Q1

Visual Media and Platform segment accounted for $419.7 million
Sony kicks off its fiscal year with $17.9 billion in revenue for Q1
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Japanese tech giant Sony experienced a good start to its fiscal 2021 year as it generated a total operating revenue of ¥1.9 trillion ($17.9 billion).

Its Music department, in which its mobile division is included under the "Visual Media and Platform" segment, generated ¥173.7 billion ($1.6 billion), down 13 per cent year-on-year. The Visual Media and Platform segment itself also saw revenues fall 8.6 per cent year-on-year, earning ¥44.5 billion ($419.7 million).

"Visual Media and Platform includes the production and distribution of animation titles, including game applications based on the animation titles, and various service offerings for music and visual products," reads the financial report.

As such, revenue generated via games such as Fate/Grand Order is included in the music department rather than video games. Despite falling revenues in the segment, Sony noted that its new mobile title Disney Twisted-Wonderland is "trending well."

The COVID effect

"Sales are expected to decrease year-on-year primarily due to the impact of COVID-19, partially offset by an expected increase in revenues from paid subscription streaming services," reads the report.

"This is mainly due to an expected decrease in sales of physical media in Recorded Music, the expected impact of the postponement and cancellation of live events in Visual Media and Platform, and an expected decrease in music licensing revenues in Music Publishing."

To help those affected by the coronavirus outbreak, Sony set up a $100 million global relief fund back in April.