Sony Pictures Full-Year Profit Swings To $1.67B
10.05.2022 - 11:33
/ deadline.com
Refresh for latest…: For the fiscal year ended March 31, 2022, Sony Pictures Entertainment saw a 172% increase in operating income to 217.4 billion yen ($1.67 billion). Revenues hit 1,239 billion yen ($9.5 billion), up 55% versus the previous year.
The significant jumps were primarily due to higher sales in all categories, with Motion Pictures getting a big boost from Spider-Man: No Way Home which grossed $1.893 billion global through the end of March. It is the No. 6 movie ever at the worldwide box office.
Sony also cited higher licensing revenues from digital streaming services for new film titles and higher licensing revenues for catalog product. Operating income further saw a hike due to the recording of a 70 billion yen ($537 million) gain from the transfer of GSN Games, a division of Game Show Network, partially offset by the impact of higher marketing expenses for theatrical releases in the Motion Pictures segment.
Note that Sony also provides aggregated dollar results for SPE, which are not reflected in its consolidated financial statements and are not measured in accordance with international financial reporting standards. When looking at those numbers, SPE’s operating income was $1.935 billion for the year, up 156% on the previous term.
In forecasting the 2022 fiscal year through March 31, 2023 from Tokyo today, Sony Corp said sales for Sony Pictures Entertainment are expected to increase 7% on a yen basis. However, the conglomerate is projecting a more than 50% drop in operating income for the division. This is explained by an expected decrease in sales for Motion Pictures as well as the absence of the 70 billion gain from the transfer of GSN Games as included in the 2021 figures.
Fourth-quarter sales in the
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