Sony s Film and TV Profits Leap to $212 Million in Third Quarter
Patrick Frater, provided by
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Operating profits at the ‘Pictures Division’ of Japanese electronics and entertainment conglomerate Sony leaped to $212 million in the three months from October to December 2020. That compares with a $51 million operating profit in the equivalent period in 2019.
The parent company enjoyed a 9% local currency gain in revenues, which hit JPY2.70 trillion in the period, which represents the third quarter of Sony’s 2020-2021 financial year. Net profits at the group level were up 62% to JPY 372 billion ($3.54 billion).
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The group’s ‘Games & Network Services’ unit saw revenues surge from JPY632 billion ($6.02 billion) to JPY883 billion ($8.41 billion), delivering operating profits up from JPY53.5 billion ($509 million) to JPY80.2 billion ($763 million).
Sony s Film and TV Profits Leap to $212 Million in Third Quarter
Patrick Frater, provided by
FacebookTwitterEmail
Operating profits at the ‘Pictures Division’ of Japanese electronics and entertainment conglomerate Sony leaped to $212 million in the three months from October to December 2020. That compares with a $51 million operating profit in the equivalent period in 2019.
The parent company enjoyed a 9% local currency gain in revenues, which hit JPY2.70 trillion in the period, which represents the third quarter of Sony’s 2020-2021 financial year. Net profits at the group level were up 62% to JPY 372 billion ($3.54 billion).
More from Variety
The group’s ‘Games & Network Services’ unit saw revenues surge from JPY632 billion ($6.02 billion) to JPY883 billion ($8.41 billion), delivering operating profits up from JPY53.5 billion ($509 million) to JPY80.2 billion ($763 million).
AWAL Deal Cements Sony’s Position As An Indie Powerhouse [MARK MULLIGAN]
With yesterday’s AWAL deal, Sony cemented its place as an indie powerhouse and heralded in a new era where
“an artist can be independent with a major label,” writes MIDiA top analyst Mark Mulligan.
By
Sony Music has bought AWAL (and Kobalt Neighbouring Rights) from Kobalt for $430 million. By adding AWAL to its already-booming Orchard division (as well as other distribution companies), it now has leading brands for independent artists as well as independent labels. Sony Music just became one of, if not
the, leading global companies for independent music. With a major now being one of the biggest indies, the obvious question is: what does being independent even mean anymore?
Sony Acquires AWAL, Kobalt Neighboring Rights
AWAL, which built a reputation as a safe harbor for independent artists seeking true global reach, is now owned by Sony, the world’s second largest music group.
Sony Music Entertainment has announced that it will acquire Kobalt’s recorded music operations, including AWAL and performance rights collection agency Kobalt Neighbouring Rights.
Together they will become a new division within SME’s suite of independent artist and label services alongside independent distribution company, The Orchard.
“Connecting AWAL with The Orchard rounds out SME’s expanded support and services opportunities for record labels as well as DIY artists,” Sony said in a statement.