Without ‘Spider-Man’ Windfall, Sony Pictures Profits Drop, Dampening Group Results
variety.comPatrick Frater Asia Bureau Chief Without a “Spider-Man” movie during the last financial year, Sony’s pictures division was unable to keep up with previous levels of profitability.
Games and network services was another weak spot for Sony Group Corporation. The Japanese electronics and entertainment giant Friday reported full year results for the 12-month period from April 2022 to March 2023 showing group sales rising 16% to JPY11.5 trillion in local currency terms and net profits up 6% to JPY937 billion.
The ‘pictures division,’ which spans feature film, television production and TV network operations, saw sales shading down from $11 billion to $10.14 billion.
But profits fell more steeply, dropping by more than half in comparison with the 2021-2022 period. Operating income for the division was reported as $894 million, compared with $1.94 billion.
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