Sony Pictures Quarterly Profit Surges to $1.3 Billion – The Hollywood Reporter

Sony Pictures saw its fiscal third-quarter profit jump to $1.3 billion (149.4 billion yen) as the smash international success of Venom: Let There Be Carnage and Spider-Man: No Way Home turbo-charged the studio’s theatrical film business. With gross ticket sales of $1.7 billion, the latest Spider-Man installment is Sony’s most successful film of all time. Sony Corp. reported its October-to-December results Wednesday from its headquarters in central Tokyo. The pictures unit’s earnings represent a 129 percent increase from its profit of $177 million (20.3 billion yen) in the same period in 2020. Revenue soared 270 percent to $4 billion (461.2 billion yen) from $1.67 billion (191.2 billion yen) during the quarter last year. Sony Pictures said it benefited from higher television sales thanks to the licensing of Seinfeld to Netflix, a deal reportedly worth north of $500 million. An uptick in revenue at the media networks division also resulted from Sony’s acquisition of anime streamer Crunchyroll last year. Uncharacteristically for the Japanese corporate giant, Sony Pictures was the largest contributor to the whole company’s net profit in the latest quarter. Sony’s games and network services division saw profit climb 12 percent year-on-year to $810 million (92.9 billion yen), up from…
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