Sony Pictures Full Year Profits Slip to $894 Million – The Hollywood Reporter

Operating income at Sony Pictures Entertainment fell by 45 percent or $1.04 billion to $894 million, as sales fell by $851 million on the back of a lack of blockbuster theatrical hits and one off gains logged in fiscal 2021. Sales grew by 11 percent on a yen basis due to the strength of the dollar against the Japanese currency. The previous year had been boosted by the runaway success of Spider-Man: No Way Home and Venom: Let There Be Carnage, as well as the $1 billion sale of GSN Games and a $500 million licensing deal for Seinfeld to Netflix.    In the fourth quarter, January to March, the film unit saw profit up slightly over the same period the previous year to $119 million. Sony’s fourth-quarter film sales came in at $2.71 billion. New CEO Hiroki Totoki, who took over from Kenichiro Yoshida on April 1, said that paid subscribers to the anime streaming platform Crunchyroll had topped 10 million. Sony acquired Crunchyroll from AT&T for $1.175 billion in August 2021. Sony Pictures profit forecast for the current fiscal year, ending in March 2024 is for 120 billion yen, almost unchanged at $890 million at current exchange rates.
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