Sony Pictures Entertainment Third-Quarter Profits Jump 57% To $281M

deadline.com:

Refresh for latest…: Sony Pictures Entertainment recorded profits of $281 million for the third-quarter of fiscal year 2023, a 57% hike versus the comparable period in 2022.

Revenues were also up 5% to $2.473 billion. Announcing earnings in Tokyo this morning for the three months ended December 31, 2023, Sony Group Corporation attributed the year-on-year increase for the Pictures segment to a jump in television and digital streaming licensing revenues as well as home entertainment sales, mainly due to the contribution of theatrical releases in 2023 (that would include the Oscar-nominated Spider-Man: Across the Spider-Verse which grossed $691 million theatrically worldwide and hit home ent in late summer).

Also making for higher numbers was an increase in revenues for Crunchyroll due to paid subscriber growth. During Q3 2023, Sony notably released Apple Original Films’ Napoleon, which grossed $208 million across the period.

We understand that Sony’s distribution deal is around 8% of the box office, with Apple backstopping marketing costs. Sony recoups its marketing costs before monies go to Apple.