Updated to the latest…: Sony Pictures Entertainment reported earnings of $281 million for the third quarter of fiscal 2023, up 57% compared to the corresponding period in 2022. Revenue also rose 5% to $2.473 billion.
Announcing its earnings in Tokyo this morning for the three months ending December 31, 2023, Sony Group Corporation attributed the year-over-year increase in its picture segment to a jump in TV and digital license revenues as well as home entertainment sales, mainly due to the contribution of theatrical releases in 2023 (which would include Oscar-nominated films). Spider-Man: Through the Spider-Verse (which grossed $691 million theatrically worldwide and was a late summer home run). The rise in numbers also led to an increase in Crunchyroll’s revenue due to the growth in the number of paid subscribers.
During the third quarter of 2023, Sony notably released Apple original movies NapoleonWhich achieved $208 million during this period. We understand that Sony’s distribution deal amounts to about 8% of box office revenue, with Apple subsidizing marketing costs. Sony recovers marketing costs before the money goes to Apple.
SPE has also released a notable romcom Anyone but you which has seen amazing reviews throughout its run and now stands at $170 million globally as of Sunday. Because it went live in late December, it only fell $31 million during the third-quarter earnings period.
On deck for the fourth quarter is the end of this week Madame WebAnd the month of March Ghostbusters: The Frozen Empire. Later in the year we will see what’s next Bad boys along with Kraven the Hunter, Poison 3 And two other pictures from Apple.
Overall, Sony reported profits of $3.1 billion (463.3 billion yen), up 10% from the third quarter of 2022; And revenues of $24.9 billion (3.75 trillion yen), an increase of 22%.
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