Sony Footage Leisure’s first quarter earnings down 6% to $ 232 million – deadline

For the three months ended June 30, 2021, Sony Pictures Entertainment posted a profit of $ 232 million, a decrease of 6% over the same period last year on a local currency basis (27 billion yen to 25.4 billion yen). Revenue increased 15% on a US dollar basis to $ 1.87 billion. Movies that released in the quarter included Screen Gems’ The Unholy and the animated sequel Peter Rabbit 2: The Runaway. The latter has grossed $ 151.5 million globally to date ($ 114 million in the quarter), with Korea and Brazil to follow.

According to Sony, film sales increased while television license income also increased. However, given the low number of theatrical releases in 2020, there was a decline in home entertainment sales. Profit was impacted by the above factors as well as higher TV production costs.

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Movies due in the second quarter include Don’t Breathe 2 and Venom: Let There Be Carnage.

Looking ahead, Sony increased its full-year earnings forecast for the image division by 8% to 90 billion yen ($ 825 million), in part due to an increase in royalty income. The company noted in a conference call that although the domestic box office has recovered somewhat, it remains uncertain when the situation will normalize again. Given these circumstances, the company is taking a flexible approach to its publishing strategy and is advising that the Cinderella and Vivo features are licensed to Amazon and Netflix, respectively.

Overall, Sony Corp’s operating income for the quarter ended June 30 increased to 280.1 billion yen ($ 2.57 billion) from 221.7 billion yen a year ago, an increase of 26%. Sales rose 15% to 2.26 trillion yen and net income rose 9% to 211.8 billion yen. The company led a sharp increase in electronics and music sales with a decline in profits from games.

In the Games division, revenue rose 2% while operating income fell 33%, reflecting a decline in sales of non-first-party titles, a deterioration in hardware operating results and a loss due to strategic price points for PlayStation 5 -Hardware was lower than cost of production, as well as a decrease in PlayStation 4 hardware sales. The annual forecast remains unchanged compared to April.

Music increased operating income 56% to 55.4 billion yen ($ 508 million). These include higher phonogram and music publishing sales, as well as an increase in anime business, which largely reflects the contribution of physical media revenue from the runaway smashers Demon Slayer – Kimetsu No Yaiba – The Movie: Mugen Train.

Sony has raised its profit forecast for the full year from 930 billion yen by March 2022 to 980 billion yen.

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