Sony Music announces loss, Stringer to step down?

Sony Music has suffered a year-on-year 6.6% quarerly decline in Q2 sales, with revenue standing at $1.346 billion (£0.8bn).
The company blames a drop in sales outside of the US despite hit albums during the quarter including Adele’s 21 and Beyonce’s 4.

The announcement comes as the Sony Group announced a decline in revenue of $350million and now the company is predicting a loss of approximately $1.15billion for the full fiscal year.

Meanwhile, The New York Post reports that Sony CEO Howard Stringer could step down from his post at the end of the fiscal year in March 2012.

It predicts Stringer would stay on as chairman, while current executive deputy president Kazuo Hirai would become his successor.

Source: Music Week