Sony Pictures Entertainment Posts Higher Profit, Revenues

Revenues at Sony Pictures Entertainment rose by 3 percent to $9.4 billion for the 2019 fiscal year, with operating income increasing to $637 million.

For the year, the studio delivered higher theatrical revenues worldwide as well as higher licensing revenues for its television productions, while media networks revenues fell. Operating income rose thanks to the portfolio review of the media networks business in the previous fiscal year and improved profitability of film catalog product, partially offset by program development costs and production costs in the television production segment.

The studio is forecasting reduced theatrical revenues due to the coronavirus and delays in the delivery of shows. Digital sales for motion pictures are trending well, the company says. Its media networks are expected to see a fall in ad revenues as a result of COVID-19. “The impact on the results of the Pictures segment will take some time to become conspicuous, but it might last a long time,” Sony said.

In Q4, revenues at Sony Pictures were up 35 percent, while operating income slipped by 4 percent.

Meanwhile, at parent company Sony Corporation, revenues were down by 5 percent in the fiscal year, with net profit down 36 percent.