![]() For fiscal 1998, ended March 31, 1998, SMEI reported net earnings of $1.67 billion on revenue of $50.73 billion, compared with net income of $1.13 billion on revenue of $45.7 billion in fiscal 1997. COMPANY FINANCESĪs one of four label groups within Sony Music Entertainment Inc., Columbia Records does not independently report its financial results they are included in the Sony Corporation's posted net earnings. Sony Music Entertainment Inc., including the Sony division of which Columbia Records is a part, is a truly international recording company boasting more than 9,000 employees. Twenty years later, Sony acquired the CBS Records Group. The relationship between Sony Corporation and Columbia Records dates back to 1968, when CBS, which then owned the Columbia label, joined with Sony in order to expedite its expansion into the Asian market. Their machine, the Graphophone, made its official debut in Washington, D.C., three years later. In 1886 the two received a patent for a wax-coated cardboard cylinder on which sounds could be recorded. Bell, a cousin of telephone inventor Alexander Graham Bell, was an engineer. The original company was built upon the experiments of scientist Charles Sumner Tainter and Chichester A. The other three label groups within SMEI are Epic Records Group, Sony Classical, and Relativity Entertainment Group.Ĭolumbia Records originated in the late 1880s as the Columbia Graphophone Company of Bridgeport, Connecticut. A music industry pioneer in both technology and content, Columbia Records continues operating as one of the four label groups of Sony Music Entertainment Inc. From the 1880s to the present, the company has sold prerecorded sound. ![]() Columbia Records has come a long way from its beginning at the end of the nineteenth century, although its product remains basically the same. ![]()
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