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    Sony’s Profits Drop As It Warns of Impact From SAG-AFTRA and WGA Strikes

    By SHOOTUpdated:No Comments1016 Views
    People walk past the headquarters of Sony Corp. in Tokyo, on May 10, 2022. Sony’s April-June profit slipped 17% from a year earlier, as worries grew about revenue damage from a strike in the movies sector, the Japanese electronics and entertainment company said Wednesday, Aug. 9, 2023. (AP Photo/Eugene Hoshiko, File)

    By Yuri Kageyama, Business Writer

    TOKYO (AP) --

    Sony's April-June profit slipped 17% from a year earlier, as worries grew about revenue damage from a strike in the movie sector, the Japanese electronics and entertainment company said Wednesday.

    Tokyo-based Sony Corp.'s fiscal first quarter profit totaled 217 billion yen ($1.5 billion), down from 261 billion yen a year ago.

    Quarterly sales rose 33% to 2.96 trillion yen ($21 billion), as sales for the period grew in games and network services, the music business, financial services and imaging solutions.

    Sony said its results got a boost from a favorable exchange rate. The yen has been declining lately, trading at about 143 yen to the dollar, and a weak yen is a plus for Japanese exporters like Sony.

    Sony's revenue in the movies segment was expected to suffer because of the strikes by the Writers Guild of America, or WGA, and Screen Actors Guild – American Federation of Television and Radio Artists, or SAG-AFTRA.

    Release dates of movies, as well as deliveries of TV series, were being delayed, according to Sony.

    Sony said it shipped 3.3 million of its PlayStation 5 video game consoles during the quarter through June. Sony estimates 108 million people are active users on its Sony online gaming network, up by 5 million users from a year ago.

    Among Sony's recent top-earning music releases were the "SOS" album by SZA, Miley Cyrus' "Endless Summer Vacation" and "Harry's House" from Harry Styles.

    Sony raised its full year profit forecast to 860 billion yen ($6 billion) from an earlier projection for an 840 billion yen ($5.8) profit. That's lower than the profit it recorded the previous year at 1 trillion yen.

    Category:News
    Tags:SAG-AFTRASony Corp.WGA



    “Red One” Tops Weekend Box Office With $34.1 Million

    Sunday, November 17, 2024

    Moviegoers were not exactly feeling the Christmas spirit this weekend, or at least what "Red One" was offering. The big budget, star-driven action comedy with Dwayne Johnson and Chris Evans sold $34.1 million in tickets in its first weekend in theaters, according to studio estimates Sunday. It easily topped a box office populated mostly by holdovers.

    For traditional studios, a $34.1 million debut against a $200 million+ production budget would be a clear indication of a flop. Some even peg the budget closer to $250 million. But "Red One" is an Amazon MGM Studios release and they have the luxury of playing the long game, accounting not only for global box office where Johnson tentpoles often overperform, but its life on Prime Video for years to come.

    "Red One," in which Johnson plays Santa's bodyguard, was also originally built to go straight-to-streaming. There's a narrative that the theatrical earnings are not only just a bonus, but that it's an additive gesture towards struggling theaters looking for a consistent stream of new films. The first major studio holiday release since 2018, "Red One" opened on 4,032 screens, including IMAX and other large formats, on an otherwise quiet weekend for major releases.

    Warner Bros. is handling the overseas release, where it has made an estimated $50 million in two weekends from 75 territories and 14,783 screens.

    Still, it's certainly not a theatrical hit in North America. Even "Joker: Folie à Deux" made slightly more in its first weekend. "Red One," directed by Jake Kasdan and produced by Johnson's Seven Bucks, was roundly rejected by critics, with a dismal 33% Rotten Tomatoes score. Jake Coyle, in his review for The Associated Press, wrote that it "feels like an unwanted high-priced Christmas... Read More

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