UPDATED: Sony Pictures Entertainment reported a profit of $124 million for the second quarter ending September 30, 2024, which reflects a 39% decline compared to the same quarter in 2023, when measured in U.S. dollars. Adjusted OIBDA (Operating Income Before Depreciation and Amortization) was $218 million, down 26%. This decline was accompanied by a 14% drop in revenue from the previous year, totaling $2.385 billion.

During a results announcement in Tokyo, Sony Corp attributed these declines to reduced series deliveries in the Television Productions division, partly due to production delays from the Hollywood strikes in 2023. Additionally, increased programming and marketing expenses in its Media Networks segment in India were noted. On an earnings call, Sony expressed optimism for a recovery in the latter half of this fiscal year and into the next fiscal year.

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The main factors contributing to the declines in the Pictures division were outlined, while revenue from theatrical releases remained relatively stable, with $455 million in 2024 compared to $465 million in 2023. In the July-September period, Sony released five films, including the impactful “It Ends with Us” from Wayfarer Studios, which grossed $349.2 million globally as of last Sunday, with a release still pending in Japan.

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Compared to the last quarter, revenues and profits in the Pictures segment increased by 10% and nearly 70%, respectively.

“Venom: The Last Dance,” released last month, grossed $317 million worldwide through Sunday, though it will be included in the next quarter’s report. Looking ahead, “Kraven the Hunter” is scheduled for release in December.

Overall, the media and electronics conglomerate reported stronger results, with total revenues of $19 billion (2,905.6 trillion yen), marking a 3% increase from the same quarter last year. Operating income surged 73% to $2.98 billion (455.1 billion yen), and net profits rose by 69%. The growth was driven by substantial increases in Games and Network Services, Financial Services, and Music.

In the Games & Networks segment, the number of monthly active users on the PlayStation Network grew by 8% year-on-year to 116 million. Operating income soared by 184% year-on-year to $909 million, prompting an 11% upward revision of the full-year forecast to $2.33 billion, which would set a record high.

The Music segment experienced a 12% profit increase, totaling $592.1 million, with the full-year forecast remaining steady at $2.16 billion.

The overall full-year operating income forecast for the company was raised by 1% to $8.6 billion, while the Pictures division’s forecast was adjusted downward by 1% to $753 million.

Person: CEO, CEO

Company Names: Sony Pictures Entertainment, Sony Corp, Lionsgate, Wayfarer Studios

Titles: Borderlands, It Ends with Us, Venom: The Last Dance, Kraven the Hunter

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