Sony Pictures Quarterly Profit Surges to $1.3 Billion – The Hollywood Reporter

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Sony Pictures saw its fiscal third-quarter profit jump to $1.3 billion (149.4 billion yen) as the smash international success of Venom: Let There Be Carnage and Spider-Man: No Way Home turbo-charged the studio’s theatrical film business.

Sony Corp. reported the film unit’s October-to-December results Wednesday in Tokyo. The earnings represent a strong 129 percent increase from the studio’s profit of $177 (20.3 billion yen) million in the same period in 2020. Revenue at Sony Pictures soared 270 percent to $4 billion (461.2 billion yen) from $1.67 billion (191.2 billion yen) during the same quarter last year.

Sony said it benefited from higher television sales due to the licensing of Seinfeld to Netflix, a deal reportedly worth north of $500 million. An uptick in sales at Sony Pictures’ media networks division also resulted from the company’s acquisition of anime streamer Crunchyroll last year.

At the group level, Sony Corp’s net profits climbed 20 percent in the fiscal third quarter, reaching $4 billion (461 billion yen). Sales climbed to 26.4 billion (3.03 trillion yen), up 13 percent compared to the equivalent period in 2020.

More to come…



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