Sony Posts ‘Down’ Second Quarter31 Oct, 2013 By: Erik Gruenwedel
Poor box office for ‘White House Down,’ lower TV licensing and home entertainment revenue torpedo studio results
Sony Pictures’ underperforming box office title, White House Down, is proving to be more than theatrical misstep.
The studio Oct. 31 attributed the movie in large part to a $181 million second-quarter (ended Sept. 30) operating loss, compared with more than $80 million in operating income during the previous-year period, driven by the home entertainment performance of 21 Jump Street and the worldwide theatrical release of The Amazing Spider-Man.
White House Down, which stars Channing Tatum and Jamie Foxx, generated $73 million at the domestic box office on a reported budget of $150 million. The actioner generated another $131 million internationally.
The title releases in retail and home entertainment channels Nov. 5, including a two-disc Blu-ray/DVD combo with UltraViolet functionality for $40.99.
Sony Pictures, which saw revenue increase 9% to $1.8 billion due to favorable exchange rates, said lower home entertainment revenue, and increased costs associated with the production of network TV programs also negatively impacted the bottom line.
Going forward, Sony Pictures said Q3 revenue and operating income are expected to be below the August forecast, primarily due to the ongoing underperformance of the studio’s 2013 film slate. Year-over-year sales are expected to increase significantly, while operating income is expected to be essentially flat.