Register

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

    By SHOOTUpdated:No Comments1059 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



    Streaming Into The Guild Awards Season

    Friday, December 20, 2024

    The guild awards season is upon us. And the contenders range from established series that have an Emmy track record to brand new shows that next year may very well be up for consideration by the Television Academy for the first time.

    This SHOOT Preview delves into a small sample which reflects that mix. This time around we sound out some select artists behind: House of the Dragon (HBO), recipient of nine Emmy nominations last year (winning for costume design); and a pair of new entries--The Day of the Jackal (Peacock), and Monsters: The Lyle and Erik Menendez Story (Netflix).

    The latter has gone beyond what’s typically on a producer’s wish list such as critical and commercial success, connecting and resonating with an audience, and serving as a spark for thought and conversation. Created by Ryan Murphy and Ian Brennan, the limited series has gone a substantive step further, making a societal impact by helping to gain momentum for the movement to free Erik and Lyle Menendez, the brothers convicted of murdering their parents Jose and Kitty Menendez in 1989. The brutal killings and sensationalized courtroom drama dominated the headlines back in the day--and now once again the case has come to the fore with more weight given to the allegations that the brothers were sexually abused by their father. Menendez family members have come out in support of the brothers (with some, though, denouncing the streaming series). Lobbying efforts for the brothers’ release from prison have intensified. The office of newly elected Los Angeles District Attorney Nathan Hochman--who defeated DA George Gascon in November--has a meeting slated for January 30-31 to consider a motion asking for parole and/or a reduced sentence. The... Read More

    MySHOOT Profiles


    Add A Comment