'Spidey' Marketing Costs Sink Sony Pictures Fiscal Result2 Aug, 2012 By: Erik Gruenwedel
Sony Pictures Aug. 2 reported a second-quarter (ended June 30) operating loss of $62 million dollars, due in part to upfront marketing costs associated with the theatrical release of rebooted The Amazing Spider-Man, which bowed July 3.
The film unit, which includes Sony Pictures Home Entertainment, reported operating income of $54.4 million during the previous-year period.
Revenue for the quarter increased 7% to $1.94 billion from $1.83 billion last year due largely to the theatrical release of Men in Black 3 and higher U.S. made-for-cable and TV network programming revenue. Revenue was offset partially due to lower ad sales from Sony’s TV networks in India.
Fiscal results in 2011 also benefited from the $27.8 million sale of Sony’s equity interest in a television production company based in the U.K.