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Music Segment Music Segment Sony’s Music Segment Music Segment Sony Music Sony Music Sony Music Entertainment (“SME”) Entertainment Japan (“SMEJ”) Publishing (“SMP”) FY18 Outside Sales SME Visual Media & Platform: 33% Recorded Music: 54% SMEJ: SME SME: SME: SMEJ Music Publishing: 13% SMEJ SMEJ: SMP SMEJ Sony Corporation Music Segment Sony Music Entertainment Executive Vice President Sony Corporation Chief Executive Officer Sony Music Entertainment Rob Stringer Recorded Music Market Music Segment Four Consecutive Years of Solid Revenue Growth; Expected to Continue ($B, includes Japan) CY18 vs CY17 +9.7% KEY METRICS +7.4% $19.1 +9.2% $17.4 –3.2% +3.7% $16.2 +33% $14.3 $14.8 PAID $9.0 SUBSCRIPTION Streaming 47% OF TOTAL MARKET Downloads / +22% Other Digital $2.3 VIDEO Physical $4.7 -21% Public Performance/ DOWNLOADS Sync $3.1 CY14 CY15 CY16 CY17 CY18 Source: IFPI. Note: Digital Figures Include Digital Radio (SoundExchange) Sony Corporation Music Segment Global 2018 Success Grammy Awards Childish Gambino • Record of the Year • Song of the Year • Best Rap/ Sung Performance • Best Music Video Camila Cabello IFPI 2018 Best Selling Global Single “Havana” 2.9Bn Streams LTD Sony Corporation Music Segment 2019 So Far… Over 1.5Bn Streams 2019 YTD 5.8Bn Streams LTD Approaching 4M Album Equivalent Units Khalid Lil Nas X Globally 50M Monthly Listeners “Old Town Road” Travis Scott Now #1 Global Spotify 900M Streams Artist #1 Track of This Year 7 #1 Albums On Billboard Album Chart Future, Backstreet Boys, Hozier, Khalid, BTS, P!nk, Vampire Weekend Sony Corporation Source: Spotify, Nielsen Music Connect, SME Sales Reporting SME Financial Highlights Music Segment Strong Growth in Operating Income, Cash Flow and Margin CAGR +25% Profit Record Margin Profit +6.5 pts Vs. FY16 Operating Income FY16 FY17 FY18* FY19 FCT + Additional $1BN Spotify Gain * Excludes one-time $1B Spotify gain Sony Corporation Music Segment Successful Investment in The Orchard Continued Expansion of Global 24,000 600,000 Footprint & Service Capabilities Labels Artists 40+ Markets Worldwide 13 30,000 Million New Tracks Tracks per Week OPERATING INCOME CAGR +26% SINCE FY15 NOTE: The Orchard Revenue Reported On A Net Fee Basis Sony Corporation Increased Investment in Talent Acquisition and Development Music Segment Increased Resources in Talent Discovery Increased Annual Creative Staff Headcount: Artist Signings* Signings: +75% vs. FY15 +93% vs. FY15 FY15 FY16 FY17 FY18 FY19 FCT FY15 FY16 FY17 FY18 FY19 FCT Increased Increased Investment In Talent Roster Size* Annual Talent Roster Size: Investment: +45% vs. FY15 +46% vs. FY15 FY15 FY16 FY17 FY18 FY19 FCT FY15 FY16 FY17 FY18 FY19 FCT * Number of Persons Sony Corporation Expanding Repertoire Centers and Creative Resources Music Segment New Leadership atat Relaunch LabelEstablishing Partnerships Joint Key Creative CentersCenters of Arista Records andVenture Joint Labels Ventures • New President and Keep Cool Visionary Co-Heads of A&R • Additional Major U.S. Label – 20 New Artists Signed • Experienced Executive September Six Course CONTINENTAL EUROPE & AFRICA Team • Management & Publishing • Newly Structured Region Divisions • New Head of GSA SamePlate Palm Tree Sony Corporation Driving Global Music Market Development Music Segment Working With Commercial Partners to Drive Paid Subscription Growth Supporting Partner Sharing Market Collaborative New Leadership at Relaunch Label Partnerships Innovation Intelligence With DSPs Marketing Key Creative Centers of Arista and Joint Ventures Genre Acquisition and Opportunities Untapped Conversion Demographics Campaigns Voice Activation Accretive Bundles Consumer Behavior Promotion Effectiveness New Business Models Sony Corporation Driving Global Music Market Development Music Segment Emerging and Growth Markets Subscription Model Creating Opportunities In… Latin Iberia China New Markets Build On #1 Expand Global Aggressive SME Leadership Position Footprint Growth Strategy In Latin Iberia Eastern Europe Russia #7 Global Headcount +13% +33% Market & Roster Market Streaming India Growth Growth Growth Y-o-Y* Y-o-Y* Joint Africa SE Asia 3 of Top 15 Venture with Global Markets Sony Corporation * Annual Growth in CY2018 Sony Music’s Extensive Value Proposition to Artists Music Segment Creative Marketing Relationships Global Data & Excellence Expertise and Access Reach Analytics World-ClassWorld Class Global Global Workforce Workforce [employee photos in background] Core: Talent / Artists Sony Corporation Sony Music Value Proposition Music Segment Investing In Capabilities to Expand Our Value Proposition and Deepen Our Relationship with Artists Premium New Podcasting Merchandising Content Production Brands Services Creative Artist Management Artist-Led Studio Centers Live / Ticketing Hubs Ventures Sony Corporation Enhancing Data & Analytics Capabilities Music Segment Continued Investment In People & Technology Simple, Insightful Enhanced Internal Cutting Edge Tools and Capabilities Analytical Dashboards Techniques Talent Discovery Marketing Efficiency Audience Development Commercial Sales Sony Corporation Industry Leader in Artist Relations Music Segment Sony Music Industry Leading Approach to… NewFair Leadership at RelaunchTransparent LabelReal Partnerships Time CompensationKey Creative Centers Artistof Arista — Label Royaltyand Joint Ventures For Artists Relationship Accounting Extremely Positive Introducing Real Time Reaction to SME Spotify Royalties & Cash Out Simple Flexible Equity Payments Artist Contracts Best-In-Class Artist Sales and Royalty Portals Sony Corporation Pharrell Williams & Sony Partnership Music Segment CES Presentation In The Water Festival January 2019, Las Vegas April 2019, Virginia Music Technology Sony HQ Visit Development November 2018 Tokyo Project Ongoing Sony Corporation Sony Competitive Differentiation Music Segment Sony Music Position as Part of the Sony Family of Companies Enabling Unique Commercial, Promotional, and Creative Opportunities Across Business Units Sony Corporation Sony Music Operating Income: FY17 Act to FY18 Act Music Segment (US Dollars) 1 Physical & Download 2 3 2 Streaming 1 3 Higher prior year one time expenses and current year savings offset by increased investment in talent, SG&A, and unfavorable FX FY17 Act FY18 Act Sony Corporation Sony Music Operating Income: FY18 Act to FY19 Forecast Music Segment (US Dollars) 2 3 1 Physical & Download 1 2 Streaming 3 Investment in talent, data analytics, emerging markets, and new business verticals FY18 Act FY19 Forecast Sony Corporation Music Segment Sony/ATV Music Publishing Chairman & Chief Executive Officer Sony/ATV Music Publishing Jon Platt Music Publishing Overview Sony/ATV Music Publishing Diversified Sources of Revenue Radio Physical & Digital Advertising Stations Downloads Streaming Television Cable Film Soundtrack Video Live Concert Networks Networks and Trailers Games and Stage Sony Corporation Music Publishing Market Sony/ATV Music Publishing Growth Trajectory $ in billions $5.5 $4.9 $4.2 $4.4 $4.0 $4.0 11% 11% 5% 4% 2% 2% CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018CY CY 2021E 2021 Global Music Publishing Revenues Growth % Source: Music & Copyright Sony Corporation Importance of EMI Acquisition Sony/ATV Music Publishing Exemplifies Sony Corp’s Content Strategy High Margin Diverse Revenue Stream Recurring Revenue Decade Spanning Stable Cash Flow 2.1 Million Copyrights Genre Diversity One Sony Projects Sony Corporation Impact of EMI Acquisition Sony/ATV Music Publishing Material Increase to Operating Income FY 2017 FY 2018FY FY 2019 2019 FCT 39.8% Equity 100% Owned 100% Owned Interest November 2018 Full Year Sony Corporation Roster of the Most Talented Songwriters Sony/ATV Music Publishing Taylor The Beatles Ed Drake Carole Stevie Swift Sheeran King Wonder Luis Fonsi Lady Sara Pharrell Queen P!nk Gaga Bareilles Sony Corporation Top Earning Songs By Release Year Sony/ATV Music Publishing Older 1960s & 1980s 1970s & 2000s 1990s & Today 2010s & Sony Corporation #1 Publisher Around the World Sony/ATV Music Publishing Based on CY 2018 Worldwide Revenue (1) Based on CY 2018 Radio Airplay in the U.S. (2) Based on CY 2018 Singles Market in the UK (3) (1) Music & Copyright (2) Nielsen BDS (3) Music Week Sony Corporation Long Term Strategies Sony/ATV Music Publishing 1 Be the Destination For the Best Songwriters in the World 2 Leverage Our World Class Licensing Organization 3 Achieve Fair Digital Streaming Royalty Rates 4 Expand Our Presence in Emerging Markets 5 Differentiate and Grow through Proprietary Technology Sony Corporation Long Term Strategies (Continued) Sony/ATV Music Publishing 1 Be the Destination For the Best Songwriters in the World Khalid Cardi B Travis Scott Sony Corporation Long Term Strategies (Continued) Sony/ATV Music Publishing 2 Leverage Our World Class Licensing Organization Sony Corporation Long Term Strategies (Continued) Sony/ATV Music Publishing 3 Achieve Fair Digital Streaming Royalty Rates Sony Corporation Long Term Strategies (Continued) Sony/ATV Music Publishing 4 Expand Our Presence in Emerging Markets Sony Corporation Long Term Strategies (Continued) Sony/ATV Music Publishing 5 Differentiate and Grow through Proprietary Technology Administration Licensing Creative SATV Proprietary Software New Songwriter Discover & Accompanying Analysis Sony Corporation OP Bridge from FY17 to FY18 Sony/ATV Music Publishing 4 5 2 3 1 Removal of 39.8% prior ownership of EMI Consolidation of 100% 2 of EMI Declines in Physical 1 3 and Digital Download 4 Growth in Streaming 5 FX/All Other FY17
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