Spider-Man: Across the Spider-Verse (Sony Pictures photo)
August 9, 2023
Sony Pictures Home Entertainment Aug. 9 reported first quarter, ended June 30, revenue of $122 million, down 57% from revenue of $282 million during the previous-year period.
Sony attributed the decline to fewer theatrical releases distributed into retail channels in the quarter compared to the previous-year period, which benefitted from the retail contribution of several franchise films released theatrically in fiscal year 2021, including Morbius and Peter Rabbit 2: The Runaway, among others.
Indeed, Sony’s biggest theatrical releases in 2023, including the animated Spider-Man: Across the Spider-Verse and horror film Insidious: The Red Door, were released across digital retail channels in the current second quarter, which ends Sept. 30.
Theatrical revenue in the quarter increased nearly 200% to $346 million from revenue of $116 million in the prior-year period due to Across the Spider-Verse and Insidious, among others. Revenue from licensed television shows dropped about 5% to $143 million from $151 million in the prior-year period.
Revenue from content, including theatrical releases, licensed to streaming services such as Netflix, among others, fell almost 36% to $227 million, compared to $351 million last year.
Overall, Sony Pictures Entertainment saw Q1 operating income drop $280 million to $111.8 million, from almost $394 million in the prior-year period. Revenue of $2.33 billion was down 12% from revenue of $2.64 billion in the prior-year period.
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