Pictures Division Decreases Weigh on Sony Group’s Quarterly Results

Significant decreases in profits at the pictures division and financial services led Japanese electronics and entertainment conglomerateto reveal corporate-wide revenues that increased by a third, but net profits that slipped by 17%, for the first quarter of its financial year.

The pictures division, which spans feature film, TV production and TV networks, reported revenues of $2.33 billion and operating profits of $115 million, compared with profits of $394 million. Between April and June, Sony released six theatrical films with only “The Pope’s Exorcist” and “Spider-Man: Across the Spider-Verse” making much of an impact.

For the full financial year, running to March 2024, Sony has reduced its sales forecast for the pictures division by 3%, but kept its guidance for the division’s net profit unchanged at JPY165 billion , barely changed from the JPY168 billion actually reported for 2022-23.

Entertainment Entertainment Latest News, Entertainment Entertainment Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sony Music’s Premium Content Division Ramps Up Documentary ProductionSony Music’s premium content division is increasing its production of documentaries, with upcoming films focusing on Celine Dion, Carlos Santana, Luther Vandross, and more. The nonfiction genre has experienced a surge in popularity, with recent documentaries featuring artists such as The Bee Gees, The Go-Go’s, David Bowie, the Grateful Dead, Louis Armstrong, the Velvet Underground, and Tina Turner.
Source: DEADLINE - 🏆 109. / 63 Read more »

Sony Pictures Classics to Revive 'The Miracle Club' Theatrical RolloutSony Pictures Classics announces that 'The Miracle Club' will return to 200-300 movie theaters nationwide on August 18 due to overwhelming audience response and demand for more playdates.
Source: DEADLINE - 🏆 109. / 63 Read more »