By Yuri Kageyama, Business Writer
TOKYO (AP) --Sony Corp.'s its fiscal third quarter profit jumped 62%, positioning the Japanese entertainment and electronics giant for a record annual profit as its bottom line got a healthy boost from its mega-hit animation film "Demon Slayer."
Tokyo-based Sony reported Wednesday a 371.9 billion yen ($3.5 billion) profit for the October-December period, up from 229.5 billion yen a year earlier.
Sony's video-games sector thrived as people stuck at home for the coronavirus pandemic turned to such entertainment content.
Sony's quarterly sales edged up 9% to 2.7 trillion yen ($25.7 billion).
Sony also got a lift from the popularity of its PlayStation 5 console, which went on sale late last year, and did well in software and online-service sales, despite launch costs, the company said.
Sony has sold more than 4.5 million PlayStation 5 consoles, and more people were waiting to get the machines since production hasn't kept up with demand, company officials told reporters.
Mobile games also did well. Movie releases lagged, with new films being postponed and theaters closed in some places due to coronavirus restrictions.
In Japan, movie theaters have stayed open with social distancing measures, helping "Demon Slayer" gain massive popularity amid a dearth of rival releases.
Sony's other divisions, such as consumer electronics products, imaging solutions and financial services, had mixed or flat results compared to the previous year.
Sony, which also makes Bravia TVs and Alpha mirrorless cameras, raised its full fiscal year profit forecast to 1.085 trillion yen ($10 billion), a record for the company.
That's considerably higher than the 800 billion yen ($7.6 billion) projection given in October. Sony earned 582 billion yen in the fiscal year that ended March 2020.
Sony said it hoped to boost profits for the year across the board in its sprawling businesses, including games, music, electronics products and other operations.
Among the best-selling music from Sony in the quarter just ended were AC/DC's "Power Up" and Bruce Springsteen's "Letter to You."
Among Japanese artists, "homura," a theme song for "Demon Slayer," by LiSA, and "Step and a Step," by NiziU did well, according to Sony. Sony said it's counting on relatively new artists like American singer Doja Cat.
Atul Goyal, an equity analyst with Jefferies, noted that Sony has been beefing up its music division, such as with its recent acquisition of independent distributor AWAL, which he called "a win-win relationship."
"Streaming is driving secular growth in the music business, and Sony is well-positioned to drive sustained profit growth," Goyal said.
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More