Sony Pictures Delivers Q1 Revenue Gains

Revenues at Sony Pictures Entertainment rose to $1.8 billion, but operating income slipped to $233.5 million, a 6 percent decline on a local currency basis.

Sony’s studio segment reported higher sales from its media networks division due to increased advertising and subscription revenue. It also reported improved motion picture revenues and higher TV licensing revenues. However, the segment also recorded lower home entertainment revenues and lower TV production licensing revenues.

Demand for content by streamers has helped overcome the decreases in theatrical revenues over the past year, the company said. Its media networks division, meanwhile, is being boosted by the direct-to-consumer services Funimation—a platform for anime—and Sony LIV in India.

Sony has lowered the full-year 2021 forecast for Sony Pictures Entertainment to revenues of $10.3 billion.

Overall net income at Sony was up 9 percent to 211.8 billion yen ($1.9 billion).