Sony Music + Sony/ATV = Sony Music Group
• Sony Corporation announced the creation of Sony Music Group, an umbrella group that will encompass its recorded-music operation — Sony Music Entertainment — and its publishing company — Sony/ATV. This new group formally launches on August 1 and will fall under the leadership of Rob Stringer, who will remain CEO of Sony Music Entertainment.
In a staff memo obtained by Variety, Sony Corporation President/CEO Kenichiro Yoshida laid out the details of this new structure, saying, “The purpose of this new Group is to further strengthen and solidify Sony’s position as a leader in the music industry and create new value for the company. This unification will help us foster a higher level of collaboration between our recorded music and music publishing businesses, while respecting and maintaining the independence and unique culture of each organization. Under this new structure, Jon Platt, Chairman and CEO of Sony/ATV Music Publishing, will report to Rob. Jon will retain the authority and responsibility he currently has with respect to the operation of the music publishing business.”
He added, “The rise of streaming services alongside other changes in the market has transformed our music business and created more opportunities for growth than ever before. As a result, we felt it was particularly important at this juncture for Sony to take proactive steps to sustain its leadership position in the music industry by accelerating the collaboration and value creation between our world-class recorded music and music publishing businesses to strengthen our value to artists, songwriters and business partners.”
Sony Music Entertainment Japan will remain a separate entity, reporting to Yoshida. In closing, Yoshida said, “I have the utmost respect and trust in Rob and Jon who are outstanding leaders with enormous industry expertise and have the strong support of their employees, artists and songwriters. Working together, and with your help, I am confident they will lead Sony Music Group to a new level of success, remaining the world’s most artist and songwriter-friendly music company, and further strengthening and securing our legacy for the future.”
