Sony Pictures Entertainment reported a quarterly loss of $223 million due to a 21% decrease in revenue compared to the same period last year. However, other segments showed significant growth. The media and electronics giant saw an 18% increase in consolidated sales, driven by strong performance from its Games and Music divisions.
The Pictures segment attributed its losses to increased marketing costs for theatrical releases and lower series deliveries. Despite this, Sony’s biggest title of the quarter was Venom: The Last Dance, which grossed $478 million globally. The studio also saw positive revenue growth from the acquisition of Alamo Drafthouse Cinema and subscriber growth at Crunchyroll.
Games & Network Services saw a 37% increase in profits to 118.1 billion yen ($766.3 million), driven by sales increases and reduced hardware losses. Music earnings rose 28% to 97.4 billion yen ($631 million) due to higher revenues from streaming services and foreign exchange rates.
Sony has revised its full-year forecast, increasing overall sales and operating income expectations. The company attributed this growth to strong performance across its divisions. However, critics argue that Sony needs to adapt and trim its businesses to remain competitive in the modern entertainment industry.
The studio’s focus on releasing games on PC, Nintendo, and Xbox may be key to its future success. By cutting costs and selling off non-core assets, such as Sony Pictures and Sony Music, Sony can position itself for long-term growth.
Source: https://deadline.com/2025/02/sony-pictures-entertainment-2024-third-quarter-earnings-1236287755