Sony’s profits up thanks to rising sales of music, games, movies and sensors
14 February 2024, 08:34
Quarterly profits reached £1.9 billion for the Japanese entertainment and electronics giant.
Japanese electronics and entertainment giant Sony’s profit rose 13% from October to December on growing growing sales of music, image sensors and video games, the company said.
Tokyo-based Sony’s quarterly profit totalled 363.9 billion yen (£1.9 billion), up from 321.5 billion yen (£1.69 billion) the year before.
Quarterly sales for the maker of the PlayStation game machines and Bravia TV sets rose 22% to 3.7 trillion yen (£19.5 billion).
Sales were robust across its diverse business lines, which include financial services, games and networking operations and entertainment businesses including music and movies.
An increase in sales of image sensors for mobile products also helped boost the company’s bottom line.
"I just thought it was nice that [Miles] had dope powers… He was different, but as powerful as another Spider-Man."
Part 2 of Creator to Creator featuring #SpiderMan2PS5 and Spider-Man: Across the Spider-Verse is live now: https://t.co/afnjbRsCuh pic.twitter.com/rFdPmJz8SY
— Sony (@Sony) February 5, 2024
Like other Japanese companies, Sony has benefited from exchange rates. The yen has weakened against the dollar, boosting the value of overseas earnings when they are converted into yen. The US dollar has been trading close to 150 yen lately.
Sales of recorded and published music, merchandise and licensing revenue also rose, Sony said.
In Sony’s pictures operations, TV and digital streaming licensing revenue and home entertainment sales climbed during the fiscal year following successful movie releases.
Hits included Spider-Man: Across the Spider-Verse, an animation film about the superhero, and The Equalizer 3, starring Denzel Washington.
Sony said subscriber growth in its animation service Crunchyroll also helped profits.
The firm raised its annual profit forecast to 920 billion yen (£4.86 billion), up from an earlier projection for an 880 billion yen (£4.64 billion) profit. The latest forecast is still below the one trillion yen (£5.2 billion) it earned in the previous fiscal year.
