Sony Pictures’ Q4 profit up by 75%

But full-year profit for SPE dipped by 10%, and the media giant is also forecasting a higher strike-related impact in the year ahead.
May 14, 2024

Japan’s Sony Group Corporation announced its Q4 and full-year financial results today, and its Sony Pictures Entertainment segment really felt the impact of last year’s dual Hollywood strikes.

Full-year profit (from March 2023 to April 2024) for the division—which includes film, TV and streaming—decreased by almost 10%, from US$895 million in 2022/2023 to US$808 million in 2023/2024. However, Q4 profit for the film unit was up by 75% to US$208 million, compared to the same quarter last year.

Meanwhile, the company’s annual revenue increased slightly from US$10.14 billion to US$10.31 billion. This stemmed from more theatrical releases and the strong performance of anime streamer Crunchyroll, but was offset by higher marketing costs and a decline in TV deliveries related to last year’s Hollywood strikes. 

Sony estimates that these work stoppages cost it around US$115 million, due to theatrical schedule changes and delays in TV production delivery. But the impact will likely peak in this fiscal’s full-year results, with the company forecasting a US$217-million strike-related dent. 

Spider-Man: Across the Spider-Verse was the studio’s top theatrical release of 2023 and also the sixth highest-grossing film of the year overall. The superhero sequel pic earned more than US$690 million worldwide against a budget in the range of US$100 million to US$150 million. 

Coming out shortly are family-friendly features The Garfield Movie (May 24) and Harold and the Purple Crayon (August 2). And next year, Sony is releasing Paddington in Peru (January 17) and a sixth film in the Karate Kid franchise (May 30). 

Earlier this month, Sony and private equity firm Apollo Global Management put forth a US$26-billion all-cash offer to acquire Paramount Global. But the news was not addressed in Sony’s earnings call, where president/CFO/COO Hiroki Totoki simply noted that the company has yet to make any formal announcement along these lines.

Image courtesy: Sony Pictures Animation

About The Author

Search

Menu

Brand Menu