Sony's Successes Lead To 57% Profit Jump For Third Quarter
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As 2024 begins, Sony Pictures Entertainment wastes no time in showcasing its upcoming projects for Q4, with films such as Madam Web and Ghostbusters: Frozen Empire being front and center for their audience.
With other films such as Venom 3, a new Bad Boys, and at least two new Apple TV originals arriving later in the year, one can only wonder if Sony can hold up a good reputation. After an impressive third-quarter profit of around $281 million (a 57% increase from 2022), the stakes are especially high for the entertainment company.
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Much of this success could be attributed to 2023's summer hit, Spider-Man: Across The Spiderverse, which brought in a whopping $691 million at the box office.
The release of Napoleon on Apple TV also helped quite a bit, which brought in $208 million into the quarter. Of course, Sony's movies shouldn't take all of the credit for their well-doing, as an added 13 million subscribers to Crunchyroll's streaming service helped bolster Sony's revenue. Because of its success, Sony plans on growing Crunchyroll's potential business, which includes the merger with Funimation.
With a new quarter being ushered in, however, Sony is aware of the numerous strikes against Hollywood's treatment of writers and actors back in 2023, as well as all of the setbacks that come with it. The corporation expects the setbacks from production delays and release date shifts to be less than $133 million. While the release of different movies and TV shows is important for Sony, the corporation also has PS5 and music sales to help raise profits, so Sony must also consider those.
Only time will tell if the corporation's upcoming projects and business decisions will see another increase in profits by the end of the next quarter.
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Source(s): Deadline
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