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Sony Pictures Entertainment Profit Slides Down To $73M In First Quarter
Sony Pictures Entertainment posted first quarter operating incoming of $73M, down over 36% year-on-year on a U.S. dollar basis.
Revenues also slipped 7% from $2.32B to $2.17B for the three months ended June 30, 2024, despite the performances of films such as The Garfield Movie and Bad Boys: Ride or Die and growth in streaming subs. Overall, Tokyo-based Sony pointed to a reduced number of theatrical releases and new TV season launches for the financial drops, but noted anime streamer Crunchyroll had swelled the coffers through higher paid subscriptions. Films released within the period include The Garfield Movie, which began its overseas rollout in May and has followed a staggered pattern since then, with Japan next on August 16.
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