Sony Music issued a statement that due to the Russian-Ukrainian conflict, Sony Group’s music business has withdrawn from Russia, and Sony has handed over the business and musicians to local management.
The Japanese electronics and entertainment giant suspended operations in the country earlier this year, sold its Russian music business unit, and transferred the artists it signed to a local company, but the value of the deal differed from that, the sources said. Other details are unclear. According to sources, the new company is a completely separate entity from Sony Music and will only represent signed Russian artists.
In addition, other businesses that Sony manages in Russia, such as games and movies, are reportedly still on hold. The financial impact of the business suspension on Sony is expected to be limited, IT Home understands that Russia and Ukraine accounted for 0.7% of Sony Group's revenue in the fiscal year ended March 31.