Sony Sees Profit Rise on Music, Films; Says People Playing Less Games as COVID-19 Restrictions Decrease

Sony, which makes PlayStation consoles, Bravia TVs and Columbia Pictures films, said sales from its music streaming service rose during the quarter.

Sony Sees Profit Rise on Music, Films; Says People Playing Less Games as COVID-19 Restrictions Decrease

Sony sees profit rise on music and films

Highlights
  • Sony reported a 3 percent increase in profit for the second quarter
  • The company continues to deal with challenges posed by the ongoing COVID
  • Sony's sales fell in the video games sector and technology services

Sony's profit edged up 3 percent in the last quarter, weathering production setbacks from COVID-19 lockdowns in Shanghai and a trend away from video gaming as pandemic restrictions eased elsewhere.

Tokyo-based Sony's April-June profit totaled JPY 218 billion (roughly Rs. 12,96,000 crore), up from 212 billion yen a year earlier, the Japanese electronics and entertainment company said Friday.

Quarterly sales rose 2 percent to JPY 2.31 trillion (roughly Rs. 37,45,00,000 crore), on the back of strong demand in Sony's music operations, including for Harry Styles' Harry's House and Doja Cat's Planet Her.

Among the better performers in movies was Morbius, a film based on the Marvel Comics hero. But Sony is hoping Bullet Train, starring Brad Pitt and set for release in August, will do well at the box office.

Sony, which makes the PlayStation video game consoles, Bravia TVs and Columbia Pictures films, said sales from its music streaming service rose during the quarter. Despite some concern about a global economic slowdown, the streaming business was expected to remain stable, said Chief Financial Officer Hiroki Totoki.

Sales fell in the video games sector and technology services. One reason was that, as restrictions related to the coronavirus pandemic eased, people were playing games less and instead going out, Totoki said.

Also, a shortage of computer chips has slowed production of the Sony's PlayStation 5 machine.

Sony's game software sales fell in the latest quarter, while costs for developing software rose. Sony acknowledged the slowdown in shipments may dampen the momentum of game players' interest in PlayStation 5. But the company is banking on major game titles slated for release later in the year to revive sales.

Sony said it expects its full fiscal year profit to fall to JPY 800 billion (roughly Rs. 47,60,000 crore) from the previous year's JPY 882 billion(roughly Rs. 52,45,000 crore).


Is PS Plus better than Xbox Game Pass now? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Morbius
Watch Options
  • Apple TV (iTunes) Apple TV (iTunes)
  • Google Play Movies Google Play Movies
  • YouTube YouTube
  • Zee5 Zee5

Morbius

  • Release Date 1 April 2022
  • Language English
  • Genre Action, Adventure, Drama, Superhero
  • Duration 1h 45min
  • Cast
    Jared Leto, Matt Smith, Adria Arjona, Jared Harris, Al Madrigal, Tyrese Gibson
  • Director
    Daniel Espinosa
  • Music Jon Ekstrand
  • Producer
    Avi Arad, Matt Tolmach, Lucas Foster
  • Production
    Columbia Pictures, Marvel Entertainment, Arad Productions, Matt Tolmach Productions
  • Certificate 16+
Bullet Train Book Your Tickets

Bullet Train

  • Release Date 4 August 2022
  • Language English, Japanese, Spanish
  • Genre Action, Mystery, Thriller
  • Duration 2h 8min
  • Cast
    Brad Pitt, Joey King, Aaron Taylor-Johnson, Brian Tyree Henry, Andrew Koji, Hiroyuki Sanada, Michael Shannon, Benito A Martínez Ocasio, Sandra Bullock, Zazie Beetz, Logan Lerman, Karen Fukuhara, Masi Oka, Pasha D. Lychnikoff, Miraj Grbić
  • Director
    David Leitch
  • Music Dominic Lewis
  • Producer
    Kelly McCormick, David Leitch, Antoine Fuqua
  • Production
    Columbia Pictures, Fuqua Films, 87North Productions
  • Certificate A
  • REVIEW
  • KEY SPECS
  • NEWS
  • Good
  • DualSense is great
  • Very powerful
  • Reduced loading times
  • Friendlier storage expansion
  • Capable of 8K / 120fps
  • 4K Blu-ray player (finally)
HDD 825GB PCie Gen 4 NVMe SSD
Processor Custom 8-core AMD Zen 2 CPU @ 3.5GHz with SMT
Graphics Custom AMD RDNA 2 GPU 36 CUs @ 2.23GHz (variable frequency)
RAM 16GB GDDR6
USB 4
Weight 4.5kg
Ethernet Gigabit
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Backbone One PlayStation Edition Controller for iPhone Launched, Sony Adds 1440p Support to PS5
Celsius Users Under Phishing Risks as Already Troubled Firm Now Faces Data Breach Scandal
Share on Facebook Tweet Snapchat Share Reddit Comment
 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.