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Sony Pictures Entertainment Sees Full-Year Profit Fall Without Franchise Film Launches

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deadline.com
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Sony Pictures Entertainment saw operating income dip by nearly $1BN for the fiscal year to March 31, 2023, as a lack of tentpole franchise launches bit.

The Sony Corp-owned unit, which houses film, TV production and TV networks, reported operating income of 119.3 billion yen ($880M), down from 217.4 billion yen ($1.67B) last year.

With no tentpole franchise launches in 2022, the fall was broadly expected. Full year 2022 revenues did grow, stabnding at 1.37BN yen ($10B), compared with 1.24 billion yen the year prior — an increase of 10%.

However, on U.S. dollar basis, there was an 8% drop, with Sony noting 2021 had benefitted from franchise titles such as Spider-Man: No Way Home and Venom: Let There Be Carnage.

Read more on deadline.com
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