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sony
sony pictures For the fiscal year ending March 31, 2023, entertainment industry operating income declined by nearly $800 million due to a lack of franchises.
Sony Corp’s unit, which owns films, television production and television networks, reported operating income of 119.3 billion yen ($880 million), down from 217.4 billion yen ($167 million) last year. With no anchor franchises launching in 2022, a decline is widely expected.
Full-year 2022 revenue did rise, reaching 1.37 billion yen ($10 billion), compared with 1.24 billion yen a year earlier, a 10% increase.In dollar terms, however, it was down 8%, with Sony pointing to 2021 benefiting from franchises such as Spider-Man: Nowhere to Return and Venom: Carnage.
Licensing fees for TVs have also fallen, with Sony pointing out that there is no agreement similar to the 2021 TV licensing agreement Seinfeld and a streaming deal for several feature films. However, more series deliveries and acquisitions of TV producers Industrial Media and Bad Wolf also brought benefits.
However, anime revenue grew as the impact of acquisitions of streaming services Crispy Rolls kick in.
The decline in operating income was partly attributable to the absence of GSN game business in the results. Sony sold the unit to Scopely for $1 billion in late 2021. However, sales more generally also fell.
Sony Corp. forecast Sony Pictures Entertainment’s sales to rise 11 percent next year, driven by the launch of franchise films in theaters and the expansion of Crunchyroll and India. Operating income is expected to remain flat with improved sales but higher marketing costs.
Overall, Sony Corp.’s sales will rise to 11.54 trillion yen ($85B) in 2022 from 9.92 trillion yen ($8.9B), with operating income largely flat at 1.2 trillion yen ($8.9B). Game and service revenue rose sharply, with sales rising to 3.64 trillion yen ($27B) from 2.74 billion yen a year earlier, but operating income fell.
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