Acquisition and integration of TSUTAYA's music streaming business with music.jp

「Although the number of paid members declined year on year, revenue was ¥4,848 million, down 1.3% year on year, due partly to the benefits of acquiring the business including the music streaming site 『musico』.」

「Although revenue benefited from the acquisition of businesses including the music streaming site musico and higher revenue from the original comics business, the number of smartphone paid subscribers fell to 3.80 million as of the end of June 2020, down 120,000 from the end of September 2019. Total paid subscribers also fell to 4.67 million, down 120,000 year on year, resulting in revenue of ¥19,452 million, down 4.8% year on year.」

「The accounting treatment for the acquisition of the music streaming business, including 『TSUTAYA ミュージコ♪』, with 1 December 2019 as the business combination date, had been provisional through the first quarter of the consolidated fiscal period, but was finalized during the second quarter of the consolidated fiscal period.」

「The company decided to acquire the music streaming business operated by 株式会社TSUTAYA, including 『TSUTAYA ミュージコ♪』, as it determined that the acquisition would contribute to growth in total paid memberships and that integration with the comprehensive music, video, books and comics service site 『music.jp』 could generate benefits in the future.」