Revenues at Sony Pictures fell by 25 percent ($615 million) in the second quarter, largely as a result of lower theatrical revenues.
The division of the Japanese conglomerate also reported lower ad revenues at its media networks as a result of COVID-19. The segment posted reduced revenues from TV production. Meanwhile, television licensing and film home entertainment revenues were up.
Operating income at the segment fell to $304 million.
For the full year, Sony Pictures is projecting higher than expected home entertainment and TV licensing sales in motion pictures and a recovery of ad sales in its media networks. It expects it will continue to have delays in theatrical releases as a result of the pandemic.
Overall revenues at Sony Corporation were stable at 2.1 trillion yen, with net income soaring to 460 billion yen.