Sony Pictures Entertainment (SPE) has reported a 30% drop in second quarter operating income, with a decline in streaming licensing and increased marketing costs offsetting revenue from theatrical hits including Bullet Train and Where The Crawdads Sing.
In results for Sony’s second quarter of 2023 (ending September 30) that were strongly affected by dollar-yen exchange rates, SPE showed an operating income of $202m, down from $288m in the company’s second quarter of 2022. SPE’s sales, however, inched up 3% compared to the previous year’s second quarter, from $2.37bn to $2.44bn.
A breakdown of the company’s motion picture revenue for the quarter shows theatrical sales of $206m (up from $66m in the second quarter of 2022), home entertainment sales at $140m (compared to $130m) and streaming sales at $320m (compared to $431m).
During the quarter, Brad Pitt action outing Bullet Train grossed $233m and Daisy Edgar-Jones drama Where The Crawdads Sing $132m. The Woman King contributed $44m, though its worldwide box office total has now reached $87m.
Overall, Sony Group’s operating income in yen was up 8% to to ¥344bn.
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