Sony Pictures’ Quarterly Profit Climbs to $394M

Sony Pictures saw its fiscal first-quarter bottom line climb to a profit of $394 million (50.7 billion yen), up 70 percent from the $232 million (25.4 billion yen) profit it reported during the same period in 2021.

Revenue in the Japanese conglomerate’s pictures division, meanwhile, soared to 41 percent to $2.64 billion.

Sony Corp. reported its latest financial results on Friday from its headquarters in central Tokyo. The report covered the firm’s performance from April to June.

Sony said the pictures division was boosted in the quarter by higher TV series deliveries, increased licensing and home entertainment revenues and improved sales for anime streaming services resulting from the acquisition of anime specialty platform Crunchyroll. The only drag the company cited was a smaller number of theatrical releases compared to the year-ago period. The company released just two theatrical films to the global marketplace in the quarter — Morbius ($167 million in total global sales) and Father Stu ($22 million) — compared with three titles between April and June in 2021.

Sony Pictures’ full-year profit forecast for 2022 remained unchanged from the previous quarter, clocking in at 50 billion yen, or $386 million.

The company said it has a slate of 17 movies ready for North American theatrical release over the next twelve months beginning in July, including tentpoles the extended re-release, Spider-Man: No Way Home – The More Fun Stuff Version (releasing Sept. 2, 2022), and the animated tentpole, Spider-Man: Across the Spider-Verse (June 2, 2023).

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