Sony Pictures reports $288 million Q2 profit

Sony Pictures recorded $288 million profit in its fiscal second quarter and saw a decline of 3.7 per cent from the same period last year.

According to the Hollywood Reporter, the revenue of the film unit has witnessed hike, climbing 40 per cent to 74.2 billion yen (or up 35 per cent in U.S. dollars to $612 million).

On Thursday, the entertainment company has reported July-September earnings at its headquarters in Tokyo. The company has also said that the increased television licensing sales and the 2021 box office collection have boosted the revenues in this quarter. Venom: Let There Be Carnage grossed over $350 million worldwide saw the bulk of its release begin in October and so won’t be counted until next quarter which will also include the hugely anticipated Spider-Man: No Way Home as well as Ghostbusters: Afterlife.

The Japanese company also threw light on advertising revenue which gained lot of momentum in India. Sony stated there was a notable jump in sales of television productions, up to $790 million from $480 million in Q2 of fiscal 2020. Recently, Sony had also acquired anime streamer Crunchyroll which also one of the reasons which pushed up the sales across its media networks in this quarter.

As per reports, the picture division also saw its forecast increased — sales are expected to hit $10.4 billion for the full year with profits projected at $950 million.

Sony Games division saw a 22 per cent  decrease in operating income owing to a drop in sales of PlayStation 4 hardware and a loss resulting in strategic price points on PlayStation 5 which sold 3.3 million units in the quarter.

Also, Sony said that playtime decreased 17 per cent year-on-year due to people are back to work.