Rrevenue at the Japanese conglomerate's pictures group was up significantly in the quarter, though, jumping 40 percent thanks to increased TV sales and movie box office earnings.
Pictures saw its fiscal second-quarter profit dip slightly to 31.6 billion yen, a decline of 3.7 percent from the same period a year ago when its profit amounted to 32.8 billion yen, which was $299 million according to exchange rates at the time.Sony Corp. reported July-to-September earnings on Thursday at its headquarters in Tokyo. The Japanese company attributed the revenue gains at
to increased television licensing sales and the improved box office of its 2021 film slate, which includes recent hitSony recently completed its acquisition of anime streamer Crunchyroll, which also boosted sales across its media networks in the latest quarter. The company said advertising revenue in India also climbed.
Increased marketing expenses for theatrical film releases weighed on profits, though, as cinemas in key markets across the globe began to return to business as usual. Sony Corp. has revised its full-year revenue and profit forecasts for Sony Pictures, citing further expected revenue gains resulting from the Crunchyroll acquisition, as well as improved motion picture sales. The company increased its profit forecast by 18 billion yen to 108 billion yen for the full fiscal year, which would be a 35 percent surge compared to the previous fiscal year’s profit, ended in March.
At the group level, Sony Corp.’s quarterly results were considerably less rosy, with profits halving from 459 billion yen in 2020 to $2.50 billion this year.
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