Sony Corporation reported strong third-quarter financial results, powered by its gaming and music segments despite a profit decline in its film entertainment unit. The Japanese media giant saw consolidated sales jump 18% to ¥4,409.6 billion ($28.6 billion) for the quarter ending December 31, 2024.
The company’s performance highlights its ability to balance challenges across different entertainment platforms. While Sony Pictures Entertainment experienced a 21% drop in profits to $223 million, other divisions picked up the slack.
The gaming division emerged as a standout performer, with profits surging 37% to ¥118.1 billion ($766.3 million). This success stems from increased network services sales and third-party game software, along with reduced hardware losses.
Sony’s Music division also showed remarkable strength, with earnings rising 28% to ¥97.4 billion ($631 million). Growth came from streaming services in both recorded music and publishing segments, bolstered by favorable exchange rates.
The film unit faced headwinds, with increased marketing costs impacting its bottom line. However, new theatrical releases like “Venom: The Last Dance” helped offset challenges, generating $478 million globally since its October debut. The recent acquisition of Alamo Drafthouse Cinema and growth in Crunchyroll subscribers provided additional revenue support.
Looking forward, Sony remains optimistic. The company has raised its full-year outlook, projecting sales of ¥13.2 trillion ($85.6 billion), a 4% increase, and operating income of ¥1.335 trillion ($8.7 billion), up 2% from previous estimates.
The upcoming domestic release of “Paddington in Peru” adds to the company’s film slate, which has already generated $19 million internationally. This diversification strategy continues to prove effective, allowing Sony to navigate market fluctuations across its entertainment platforms.
Analysts view these results as a testament to Sony’s robust business model, demonstrating how strength in one division can compensate for temporary challenges in another.
