Sony Pictures Entertainment Full-Year Profits Fall Nearly 10% To $808M

Sony Pictures Entertainment has seen operating income fall nearly 10% for the fiscal year ended March 31, 2024.

The company’s operating income was $808M in dollar terms compared with $894M for the comparable period a year before, whch was down 9.6%. Revenues crept up to $10.31B from $10.14B for FY.

Sony said the Hollywood strikes had impacted its Pictures segment, which comprises TV production, motion pictures and media networks (including streaming).

Whereas in 2023 Sony had suffered from a lack of new theatrical product, this year the increased number and growth at streamer Crunchyroll helped to offset a decrease in series delivered due to the labor action and lower catalog licensing of motion pictures.

In the fourth quarter, profit was $208M, down from $281M. Sales edged up to $2.74B from $2.71B the previous year.

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