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Sony Pictures Scares Up Q2 Profit

1 Nov, 2016 By: Erik Gruenwedel

Sony Pictures Nov. 1 reported a $32 million second-quarter (ended Sept. 30) operating profit on revenue of $1.9 billion, compared with an operating loss of $216 million on revenue of $1.76 billion during the previous-year period.

The studio, which includes Sony Pictures Home Entertainment and Sony Pictures Television, attributed the reversal to higher theatrical revenue from titles such as reboot Ghostbusters: Answer the Call, Seth Rogen’s animated adult comedy Sausage Party and Spanish horror movie Don’t Breathe.

The three titles, which have generated a collective $314.7 million at the domestic box office, portend a strong home entertainment return with Ghostbusters: Answer the Call released into the physical retail channel Oct. 11. Sausage Party and Don’t Breathe street Nov. 8 and Nov. 29, respectively. Indeed, Sony corporate projects "higher-than-expected" home entertainment revenue for fiscal-year 2016, which is a change from July projections. 

Sony Pictures Television revenue increased due to higher subscription video-on-demand licensing revenue for “The Crown” and “The Get Down.” Media networks revenue increased primarily due to higher advertising and subscription revenue in India, Europe and Latin America.

In a statement, Sony Corp. CFO Kenichiro Yoshida said theatrical releases remain the most challenging business unit within the studio segment, adding the company may not meet operating income projections for the next fiscal year given at the investor relations day in June. 

"While continuing to strengthen our marketing outside of the U.S. and augmenting IP, we plan to work with the new CFO of Sony Pictures Entertainment, who joined in July, to further enhance financial discipline," Yoshida said. 



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