Summer performances from Billy Joel and Noah Kahan contributed to a record quarter.
Those quarterly dips overshadowed a 33% increase in quarterly profit driven by music subscription revenues rising by nearly 30%.
The company's recorded music division saw a 26% spike in revenue, despite a dip in sales for physical music.
Total revenue for the third fiscal quarter fell 1% as BMG's distribution deal rolls off and physical recorded music sales and merchandise fall.
The decrease, though better than the same quarter last year, contributed to an overall 3% decline in the company's quarterly revenues.
Spotify's CEO expects record-high payouts to record labels and publishers in 2024 and says a new premium music offering could cost $17-$18 a month.
The streaming giant said it added 1 million more subscribers than forecast for the second quarter, boosting revenue and profit margins.
CEO Golnar Khosrowshahi said the company, which beat full-year guidance, expects a boost from “a regular cadence of price increases” from music subscription services.
Sony Music intends to look for growth in emerging markets and adjacent businesses such as merchandising, said Hiroki Totoki, president, COO and CFO at Sony Corp.
Dolan also suggested The Eagles will perform at the Las Vegas venue, although no official announcement has been made.
