Sony is Selling its Business to Kiss Koala and Decides to Leave Russia as Well

Sony has been the world’s largest music publisher and they have occupied a huge part of the music market in Russia as well. After they decided to leave Russia they turned to the former business director of their Russian representative office. Arina Dmitrieva’s company Kiss Koala will now be monetizing the Russian artists who are signed by Sony from now on.

This indicates that various tracks of Russian artists are going to disappear from their music-streaming platforms. Sony is one of the three largest music companies in the world, alongside Universal Music and Warner Music groups. Sony added its Russian division in 1999 and since then the company has been developing and monetizing various international artists. But now, according to the experts, the Russian recording market is at 15-20%. In 2021, the revenue of Sony Music LLC amounted to 2.56 billion rubles ($42.7 million), making them a net profit of 132.9 million rubles ($2.22 million).

Russia has been offering a large pool of eclectic artists from various genres and domains, which resulted in a huge influence on the company as well. And Sony had a long list of Russian domestic artists and has been distributing their music to the world. But now Arina Dmitrieva and her company will benefit from this list of artists.

Well, the main difference will be that Russian listeners cannot be able to listen to international artists via Yandex Music, Sound, and VK Music. Russian users of these platforms are no longer going to listen to various iconic music artists and bands like The Beatles, Pink Floyd, Elvis Presley, and many others. These aforementioned music-streaming platforms have already been notified by Sony about the withdrawal. Some Russian newspapers are referring that these artists may be available on various other music streaming websites and applications like YouTube Music and Apple Music.

The legal entity of this division has been renamed from Sony Music Entertainment LLC to Kiss Koala LLC, on the 7th of September 2022. And this newly named company was controlled by SBME Holdings B.V., a subsidiary of Sony Group Corporation. And Sony officially broke the news to the world on the 8th of September 2022, stating their leave from Russian province.

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