Sony Film Unit Quarterly Profit Holds Steady at $278 Million – The Hollywood Reporter

Sony Footage noticed its fiscal second-quarter revenue dip barely to 31.6 billion yen($278 million), a decline of three.7 p.c from the identical interval a yr in the past when its revenue amounted to 32.8 billion yen, which was $299 million in accordance with alternate charges on the time. Income was up considerably within the photos unit, nevertheless, climbing 40 p.c to 74.2 billion yen (or up 35 p.c in U.S. {dollars} to $612 million).

Sony Corp. reported July-to-September earnings on Thursday at its headquarters in Tokyo. The Japanese firm attributed the income positive factors at Sony Footage to elevated tv licensing gross sales and the improved box-office earnings of its 2021 movie slate, which incorporates current hit Venom: Let There Be Carnage. Over current months, Sony additionally accomplished its acquisition of anime streamer Crunchyroll, which additionally boosted gross sales throughout its media networks final quarter. The corporate stated promoting revenues in India additionally climbed.

Elevated advertising bills for theatrical movie releases weighed on earnings, although, as cinemas in key markets throughout the globe started to return to enterprise as regular.

Sony Corp. has revised its full-year income and revenue forecasts for Sony Footage, citing additional anticipated gross sales positive factors ensuing from the Cruchyroll acquisition, in addition to improved movement image gross sales. The corporate elevated its revenue forecast by 18 billion yen ($158 million) to 108 billion yen ($951 million) for the total yr, which might be a 35 p.c surge examine to full-year revenue in 2020.

On the complete group stage, Sony Corp.’s second-quarter earnings had been significantly much less rosy, with earnings halving from 459 billion yen in 2020 to $2.50 billion (283 billion yen) this yr.

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