Reprinted from Deadline Hollywood by Nancy Tartaglione on April 27, 2021.
Sony Corp logged a record $10.7B in net income for fiscal 2020, a 101% increase over the previous year thanks in part to the Games and Networks Services, Music and Film divisions. Still, the company, which unveiled its results in Tokyo on Wednesday, is cautious about the coming year, forecasting a roughly 4% profit loss due to expected decreases in Music and Games among other segments as Covid restrictions loosen up around the world and in-home demand for content eases. This should, however, be partially offset by increases in other areas including Sony Pictures Entertainment.
That division saw its profits for the year ended March 31, 2020 rise 21%, to $762M, despite a 25% decrease in sales to $7.2B. Both are results of the impact of the coronavirus. With movie theaters shut around the world for a large portion of the year, and amid a production slowdown, revenues were affected. Conversely, lower spend on theatrical marketing and higher home entertainment sales put a positive sheen on profits. …
