Sony Pictures Entertainment's operating profit for the fiscal year ending March 2024 decreased by nearly 10%.
The company's operating income was $808 million, a decrease of 9.6% compared to $894 million in the same period last year. Revenues increased from $10.14 billion in the fiscal year to $10.31 billion.
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Sony said the Hollywood strike affected its film division, which consists of television production, movies, and media networks (including streaming).
In 2023, Sony suffered from a lack of new theatrical productions, but this year, streamer Crunchyroll's increased numbers and growth helped offset declines in series distribution due to the labor movement and declines in catalog licenses for movies.
On the film side, full-year revenue was up slightly year-over-year to $3.74 billion, while TV revenue fell from nearly $4 billion to just over $3.8 billion. However, the media network has grown from $2.69 billion to $2.72 billion.
Sony's highest-grossing movies of the year are: Spider-Man: Into the Spider-Versewhich cost $691 million, followed by napoleon ($221M), romantic comedy starring Sidney Sweeney and Glen Powell anyone but you ($218 million), equalizer 3 ($191 million) and Horror insidious: red door ($189 million).
Fourth-quarter profit was $208 million, up 75% from $119 million a year earlier. Revenue increased slightly to $2.74 billion from $2.71 billion a year ago.
More to come…
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