Sony Pictures Entertainment Sees Slump in Revenue Amid Streaming Shifts

In a disappointing financial report, Sony Pictures Entertainment (SPE) announced that its operating income for the full fiscal year ended March 31 fell 4 percent to $774 million from $808 million in dollar terms for the comparable period a year ago. The company'sFY sales also dipped 4 percent to $9.899 billion from $10.315 billion.

However, SPE saw an increase in income during its fourth quarter, rising over 70 percent to $354 million from $208 million. Despite this uptick, revenue for Q4 fell slightly to $2.729 billion from $2.743 billion.

SPE's motion pictures division, led by films such as "Venom: The Last Dance" and "Kraven the Hunter", saw FY revenue rise 7 percent to $4.008 billion from $3.742 billion. Notable performers among its theatrical movies included "Venom 3," which brought in $479 million, while "Bad Boys 4" earned $405 million.

On the other hand, SPE's TV unit reported a 20 percent decline in FY revenue to $3.028 billion from $3.808 billion in the previous fiscal year. Films produced for various streaming platforms, such as Amazon Prime Video's "Wheel of Time," Netflix's "Cobra Kai," and Disney+'s "Goosebumps," were part of this division.

In contrast, revenue from media networks increased by 3 percent to $2.812 billion, driven largely by a growth in subscribers to its digital channels, which now total 627 million. SPE ended the fiscal year with 39 television channels under its umbrella.