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Sony Pictures Reports $ 762 Million Annual Profit, Company Doubles Net Profit – Deadline

Refresh to last…: Sony Pictures Entertainment saw its 2020 profit increase by 21% to $ 762 million, despite a 25% drop in sales to $ 7.2 billion. Both are the results of the impact of the coronavirus. With theaters closed around the world for much of the year, and in the midst of a production slowdown, revenues have been affected. Conversely, lower theatrical marketing spending and higher home entertainment sales had a positive effect on profits.

Overall, Sony Corp posted record net income of $ 10.7 billion for fiscal 2020, a 101% increase over the previous year thanks in part to the Games & Networking, Music & Film divisions. . Nonetheless, the company, which released results in Tokyo on Wednesday, is cautious for the year ahead, forecasting a profit loss of around 4% due to expected declines in music and games among other segments. which will be partially offset by increases in other areas, notably Photos.

“Godzilla Vs Kong” exceeds $ 400 million worldwide; ‘Demon Slayer’ Reaches New WW Milestone – International Box Office

Columbia Pictures

Looking ahead, Sony Pictures Entertainment is expected to see a 50% increase in sales for fiscal 2021 to 1.14 trillion yen ($ 10.5 billion), but only a 3% increase in profits. The small increase is expected in relation to support for upcoming theatrical releases which include Peter Rabbit 2: The Fugue in June (the sequel has already been very successful in Australia) and Hotel Transylvania: Transformania in July, followed by Venom 2, Ghostbusters: Afterlife and Spider-Man: No Coming Home round off the year.

Gaming and network services posted profits of 342.2 billion yen ($ 3.14 billion), up 44% from the previous year. Revenue was boosted by increased sales of gaming software and sales of network services, primarily through PlayStationPlus. However, Sony has reported a loss resulting from the strategic pricing of PlayStation5 hardware which was set lower than manufacturing costs as well as general administrative costs associated with the launch. The PS5 was rolled out in late 2020. Sony is planning a 9% increase in sales for fiscal 2021, but a slight drop in profits. The company noted that it was difficult for supply to meet demand.

Aniplex

The music segment saw strong gains with sales of up to 940 billion yen ($ 8.6 billion), an increase of 11% year-over-year. This is where the impact of the crash packed Demon Slayer – Kimetsu No Yaiba – The Movie: Mugen Train is being felt as anime companies’ sales fall under music and Sony’s Japanese subsidiary Aniplex co-produced the photo with an estimated worldwide gross of $ 457 million until Sunday. Segment operating profit increased to $ 1.7 billion. The forecast here is for slightly higher sales in 2021 with lower profits.

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