Sony reported earnings for its fiscal first-quarter late Monday and garnered a profit of $230 million at its Sony Pictures division.
The company, like many others in Hollywood and across the country at large, has been negatively impacted by the continued spread of the novel coronavirus. Sony said in its first-quarter release that the significant production delays at its movie studio and of its TV productions have had a major impact on the business.
Sony also acknowledged that the negative impact from delays in theatrical releases will impact financial results for roughly two to three years, but the company did say demand for content from video distribution companies is high, with its digital sales trending well.
Also Read: Sony Doubles PlayStation 5 Production to 10 Million Consoles (Report)
The pictures segment, which includes the motion picture business, TV, media networks, and home entertainment, pulled in $1.6 billion in revenue during the first quarter, the company said.
The company, like many others in Hollywood and across the country at large, has been negatively impacted by the continued spread of the novel coronavirus. Sony said in its first-quarter release that the significant production delays at its movie studio and of its TV productions have had a major impact on the business.
Sony also acknowledged that the negative impact from delays in theatrical releases will impact financial results for roughly two to three years, but the company did say demand for content from video distribution companies is high, with its digital sales trending well.
Also Read: Sony Doubles PlayStation 5 Production to 10 Million Consoles (Report)
The pictures segment, which includes the motion picture business, TV, media networks, and home entertainment, pulled in $1.6 billion in revenue during the first quarter, the company said.
- 8/4/2020
- by Trey Williams
- The Wrap
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