the shift from ownership to access has continued to

impact recorded music margins /

Sony Music revenues
$B
$4.0
$3.0

Sony Music

Sony Music EBIT margins

%

$3.3

$2.8

$2.7

$2.6

$2.6

2010A 2011B

2012

2013

2014

$2.0
$1.0
$-

MRP
Sony/ATV revenues
$M

MRP
Sony/ATV EBIT margins
%
20.0%
14.1% 14.2% 14.4% 14.5%

15.0%

Sony/ATV

10.2%1
10.0%
5.0%
0.0%
2010A 2011B 2012

MRP
(1) Revenues and EBIT adjusted by removing revenue/contribution from settlements

2013

MRP

2014
11