Home Entertainment Lifts Sony Pictures2 Nov, 2011 By: Erik Gruenwedel
Strong home entertainment and television programming sales contributed to Sony Pictures generating second-quarter (ended Sept. 30) operating income of $278 million, compared with an operating loss of $58 million during the same period last year.
Sony Pictures includes Sony Pictures Home Entertainment.
Quarterly revenue increased 29% to nearly $2.2 billion, due in large part to the sale of Spider-Man merchandising rights, which generated $278 million in operating income. Studio revenue remained unchanged, driven primarily by home entertainment releases and television show sales to U.S. networks and cable operators.
Sony did not identify which titles excelled at retail, including DVD and Blu-ray Disc, transactional video-on-demand, electronic sellthrough and an exclusive license agreement with Redbox.
Theatrical release The Smurfs was the lone bright spot on the big screen in the second quarter, compared with last year when theatrical releases Salt, Grown Ups, Resident Evil: Afterlife, The Karate Kid and The Other Guys combined to increase revenue 6.1%, to $1.7 billion.