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.
Fears of a recession in 2023 are growing, but fans are still spending record amounts for concerts.
The Korean company's bracing for a leaner 2023 as BTS accounts for less revenue, warned CEO Park Ji-won.
Third-quarter 2022 revenues were $6.2 billion — 66.8% greater than the same period in 2019.
