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SONY Expands its Global Reach With Proactiv Majority Stake
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Sony Music Masterworks, a division of Sony Group Corporation (SONY - Free Report) , recently made a significant investment in Proactiv Entertainment, a prominent producer of live music and immersive events worldwide, based in Barcelona. The strategic move aims to bolster Sony's position in the global entertainment industry.
Per the agreement, Nicolas Renna, the managing director of Proactiv Entertainment, will continue to oversee the company's day-to-day operations. He will work with the presidents of Masterworks and Sony Music Spain & Portugal, representing Sony Music Entertainment’s Latin Iberia region, added SONY. This collaborative effort will focus on expanding the business by offering a broader range of events, venues and immersive experiences to audiences.
The partnership with Proactiv Entertainment marks another milestone in Sony Music Masterworks' ongoing strategy to drive growth as a diversified and internationally renowned entertainment enterprise. By collaborating with Proactiv Entertainment, Sony Music Masterworks intends to solidify its presence in the industry and further enhance its reputation as a leading provider of entertainment experiences worldwide. Previously, it has invested in Backyard Cinema, Culture Creative, GEA Live, etc., to further grow its business.
In the fiscal fourth quarter, Music segment sales increased 18.6% year over year to ¥349.5 billion. Operating income was ¥60.4 billion, up from ¥49.9 billion in the prior-year quarter.
In fiscal 2022, sales from the segment were up 24% due to higher recorded music and music publishing sales from paid subscription streaming services, partly offset by softness in the anime business for Visual Media & Platform.
Sony has provided the outlook for fiscal 2023 (ending Mar 31, 2024). It expects sales of ¥11,500 billion, down 0.3% year over year. The top-line performance is likely to be affected by Entertainment, Technology & Services and Financial Services segments’ sales, partly offset by an improvement in Game & Network Services, Music, Pictures and Imaging & Sensing Solutions segments’ sales.
At present, Sony has a Zacks Rank #3 (Hold). Shares of Sony have gained 9.7% compared with the sub-industry’s growth of 8.3% in the past year.
The Zacks Consensus Estimate for Dropbox’s 2023 earnings has increased 10.1% in the past 60 days to $1.85 per share. The long-term earnings growth rate is anticipated to be 12.3%.
Dropbox’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.4%. Shares of DBX have increased 11% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 earnings has increased 4.7% in the past 60 days to $2.69 per share.
Badger Meter’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 5.3%. Shares of BMI have increased 83.6% in the past year.
The Zacks Consensus Estimate for Blackbaud’s 2023 earnings has increased 7.3% in the past 60 days to $3.68 per share.
Blackbaud’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average surprise being 10.4%. Shares of the company have increased 17% in the past year.
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SONY Expands its Global Reach With Proactiv Majority Stake
Sony Music Masterworks, a division of Sony Group Corporation (SONY - Free Report) , recently made a significant investment in Proactiv Entertainment, a prominent producer of live music and immersive events worldwide, based in Barcelona. The strategic move aims to bolster Sony's position in the global entertainment industry.
Per the agreement, Nicolas Renna, the managing director of Proactiv Entertainment, will continue to oversee the company's day-to-day operations. He will work with the presidents of Masterworks and Sony Music Spain & Portugal, representing Sony Music Entertainment’s Latin Iberia region, added SONY. This collaborative effort will focus on expanding the business by offering a broader range of events, venues and immersive experiences to audiences.
The partnership with Proactiv Entertainment marks another milestone in Sony Music Masterworks' ongoing strategy to drive growth as a diversified and internationally renowned entertainment enterprise. By collaborating with Proactiv Entertainment, Sony Music Masterworks intends to solidify its presence in the industry and further enhance its reputation as a leading provider of entertainment experiences worldwide. Previously, it has invested in Backyard Cinema, Culture Creative, GEA Live, etc., to further grow its business.
Sony Corporation Price and Consensus
Sony Corporation price-consensus-chart | Sony Corporation Quote
In the fiscal fourth quarter, Music segment sales increased 18.6% year over year to ¥349.5 billion. Operating income was ¥60.4 billion, up from ¥49.9 billion in the prior-year quarter.
In fiscal 2022, sales from the segment were up 24% due to higher recorded music and music publishing sales from paid subscription streaming services, partly offset by softness in the anime business for Visual Media & Platform.
Sony has provided the outlook for fiscal 2023 (ending Mar 31, 2024). It expects sales of ¥11,500 billion, down 0.3% year over year. The top-line performance is likely to be affected by Entertainment, Technology & Services and Financial Services segments’ sales, partly offset by an improvement in Game & Network Services, Music, Pictures and Imaging & Sensing Solutions segments’ sales.
At present, Sony has a Zacks Rank #3 (Hold). Shares of Sony have gained 9.7% compared with the sub-industry’s growth of 8.3% in the past year.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks in the broader technology space are Dropbox (DBX - Free Report) , Badger Meter (BMI - Free Report) and Blackbaud (BLKB - Free Report) . Dropbox and Blackbaud presently sport a Zacks Rank #1 (Strong Buy), whereas Blackbaud holds a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Dropbox’s 2023 earnings has increased 10.1% in the past 60 days to $1.85 per share. The long-term earnings growth rate is anticipated to be 12.3%.
Dropbox’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.4%. Shares of DBX have increased 11% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 earnings has increased 4.7% in the past 60 days to $2.69 per share.
Badger Meter’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 5.3%. Shares of BMI have increased 83.6% in the past year.
The Zacks Consensus Estimate for Blackbaud’s 2023 earnings has increased 7.3% in the past 60 days to $3.68 per share.
Blackbaud’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average surprise being 10.4%. Shares of the company have increased 17% in the past year.