Sony sees increased profits from music and movies; As the COVID-19 restrictions ease, people are said to be playing less games
Sony’s revenue rose 3% last quarter, allowing for production setbacks caused by a COVID-19 lockdown in Shanghai and a shift away from video games as pandemic restrictions eased elsewhere.
Tokyo-based Sony’s April-June profit stood at 218 billion yen (about Rs 12.96 lakh crore), up from 212 billion yen a year ago, the Japanese electronics company said on Friday. and entertainment.
Quarterly sales rose 2% to 2.31 trillion yen (roughly Rs. 37,45,00,000 crore), driven by strong demand across Sony’s music operations, including Harry Styles’ House of Harry and Doja Cat’s Planet.
Among the top performers at the movies was Morbius, based on the Marvel Comics character. But Sony is hoping that the Brad Pitt-starrer Bullet Train, which is slated for an August release, will do well at the box office.
Sony, which makes PlayStation video game consoles, Bravia TVs and Columbia Pictures movies, said sales of its music streaming service rose in the quarter. Despite some concerns about the global economic slowdown, the streaming business is expected to remain stable, Chief Financial Officer Hiroki Totoki said.
Sales fell in the video games and technology services sector. One reason is that as restrictions eased due to the coronavirus pandemic, people played less and took to the streets instead, Totoki said.
Meanwhile, a shortage of computer chips has slowed production of Sony’s PlayStation 5 machine.
Sony’s game software sales fell in the latest quarter, while software development costs rose. Sony has admitted that slow shipments could dampen gamers’ interest in the PlayStation 5. But the company is providing key game titles to be released later in the year to boost sales.
Sony said it expects its full-year revenue to fall to 800 billion yen (about Rs 47,60,000 crore) from 882 billion yen a year ago. (Rs. 52.45,000 approx).
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