Despite Less Theater Releases, Sony’s Revenue Spikes Significantly

Operating income at Sony Pictures Entertainment for the first quarter of this year was $381M (50.7BN yen), up 70% from $232M last year. 

The company’s revenue grew 41% to $2.58BN (341 billion yen) from $1.87BN last year.

Sony noted an increase in streaming service sales & SPECIFICALLY an increase in series deliveries, higher TV licensing, and home entertainment revenues between April-June. 

This quarter has been quiet for Sony, having only released Morbius. 

Next quarter will include Bullet Train, The Woman King, and Where the Crawdads Sing & Padre No Hay Mas Que Uno 3, which are already in theaters. 

Here is what the article states –

“Overall, Sony Corp had a strong Q1, with sales revenues hitting nearly $17BN (2.27TN yen), up nearly 55% year-on-year, with operating income up 27% at $2.3BN (307BN yen).

However, the Game and Network Services division saw revenues fall 11.7% to $4.5BN (604.1BN yen) and operating income down nearly 31% to $397.1M (52.8BN yen).”

Read the full story here. 

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source https://kennected.org/despite-less-theater-releases-sonys-revenue-spikes-significantly/