Annual revenues for the French music company increased to 760.8 million euros ($723.5 million) last year.
The Middle East-based music streaming company says it expects to become profitable later this year.
"The macro economic conditions are certainly impacting the entire advertising marketplace,” said CEO Bob Pittman.
SM Entertainment shares also rose on news that HYBE had acquired a 14.8% stake in the company.
The company's robust publishing business helped offset a $4 million net loss related to one-off debt and the higher U.K. tax rate.
Setting aside foreign exchange changes and the visual media and platform segment, Sony's recorded music and publishing revenues grew 10% year over year.
The German promoter and ticketing company expects a record year in 2022.
Online music subscribers rose by 20% and related revenues rose by nearly 19%, helping to offset a significant decline in social entertainment services revenue.
Recorded music revenues grew 46.6% to 135.1 billion won from July through September.
Despite economic headwinds, reports from UMG, Spotify, Live Nation and more point to continued strength in the sector heading into 2023.
