In the third quarter of 2023, the revenue for Sony Pictures Entertainment (SPE) was affected by the dual Hollywood strikes, causing a decline in motion pictures and television productions. However, the media networks segment witnessed growth during this period.
During the third fiscal quarter, the film industry experienced a decline in revenue with a total of $880 million, compared to $895 million in the previous quarter, but it still showed an improvement from $799 million in the corresponding period last year. In the most recent quarter, several noteworthy films were launched by the motion picture division. Affirm Films’ Journey to Bethlehem generated $8 million in revenue, while Tristar Pictures’ Thanksgiving achieved a remarkable $45 million. Columbia Pictures also contributed to the division’s success with their releases of Napoleon, which amassed an impressive revenue of $208 million, and Anyone But You, which accumulated $31 million within the ten-day period measured in the third quarter.
The company has predicted a surge in revenue for its motion picture division in fiscal year 2024. To achieve this, SPE plans to launch 14 new titles, which will include highly anticipated movies like Ghostbusters: Frozen Empire, another Bad Boys installment, Kraven the Hunter, and a sequel to Venom.
In the second quarter, television productions generated a total revenue of $883 million. This shows a decline from the $1.2 billion recorded previously. However, it is a slight increase compared to the $880 million earned during the same period last year. The television division of SPE boasts an exceptionally successful range of shows including popular titles like The Crown on Netflix, For All Mankind on Apple TV+, Goosebumps on Disney+, The Wheel of Time on Amazon Prime Video, and Gen V. Additionally, it has long-standing hits like Days of Our Lives, Jeopardy! and its various spinoffs, and Shark Tank.
Sony’s Game & Network Services division, an independent sector that includes PlayStation hardware and software sales alongside the PlayStation Network, experienced a significant boost in revenue during the third quarter. Garnering an impressive $9.8 billion, the division showcased an 18 percent year-on-year increase. This growth was primarily fueled by the remarkable sales of the PlayStation 5 console and its accompanying games. Additionally, revenue soared due to an uptick in PlayStation Plus subscriptions.
Sony’s music division also enjoyed a flourishing quarter, as it amassed an impressive $2.77 billion in revenue.
