September 18, 2022
Sony Music Left Russia, YT Trending - Latest Technology News

Sony Music, the world’s largest music publisher, has decided to left Russia. It would also transfer its operations to Arina Dmitrieva, the former director of the Russian representative office. Worse, the parent company took the rights to distribute international artists’ compositions with them. Simply put, many tracks will soon be removed from streaming services.

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Sony Music, along with Universal Music and Warner Music Group, is one of the world’s top three recording companies. In Russia, the company established its musical Business in 1999. Since then, the company has grown continuously, and experts estimate that its share of the Russian recording market now stands at 15-20%. Sony Music Entertainment LLC’s revenue in 2021 was 2.56 billion rubles ($42.7 million). The net profit was $1.32 million (132.9 million rubles).

Sony Russia controlled a sizable market share.

As you might expect, Sony Russia distributed not only compositions by international artists, but also Russian musicians. We must state that Sony Music has amassed a sizable and diverse pool of domestic musicians.

Arina Dmitrieva’s company will monetize the music of Russian artists signed by Sony after acquiring the music business from Sony. Russian users, on the other hand, will no longer be able to listen to foreign artists via Yandex.Music, Sound, and VK Music. Among them are The Beatles, Pink Floyd, Elvis Presley, and others. Sony has already notified the above said streaming services. According to Kommersant, Russians may lose access to catalogues in foreign services such as Apple Music and YouTube Music.

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Sony Music Left Russia, YT Trending - Latest Technology News

Since September 7, the division’s legal entity, Sony Music Entertainment LLC, has been renamed Kiss Koala LLC, which is controlled by SBME Holdings B.V., a subsidiary of Sony Group Corporation.

Sony Music Group officially announced its exit from Russia on September 8th.

 

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