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Sam Nucci
TOKYO (Reuters) – Sony Group Inc said on Wednesday its status as an independent content provider for streaming services is paying off at a time when platform operators are under pressure to prove profitability.
“Our decision years ago to move away from the crowded general-purpose streaming space and instead become an industry-leading independent content provider was clearly the right choice,” Sony Pictures Entertainment CEO Tony Vinciquerra said during an investor briefing.
The Japanese tech entertainment group’s hits on the streaming platform include “The Last of Us” on HBO Max, “Cobra Kai” on Netflix and “For All Mankind” on Apple TV+.
The conglomerates have spent billions of dollars on programming that supplies content for their streaming platforms, but they are being closely watched by Wall Street as the focus shifts from user growth to profitability.
This has put production budgets under pressure, and streaming platform operators are also considering repositioning as content providers.
“Sony Pictures remains in the strongest position with our ability to deliver content to any and all partners and platforms,” ​​Vinciquerra said.
Sony owns anime streaming service Crunchyroll as it hopes to capitalize on the growing global enthusiasm for such content following the success of series such as “Demon Slayer.”
Increased Crunchyroll sales and more theatrical releases are expected to boost sales this year to 1.52 trillion yen ($11.26 billion) as consumers return to movie theaters, with operating profit largely flat year-on-year.
Upcoming films include Ridely Scott’s “Napoleon,” which will open in theaters and then stream on Apple TV+.
($1 = 135.0500 yen)
(Reporting by Sam Nussey; Editing by Christopher Cushing)
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