Sony Pictures makes $115M quarter profit, 71% drop from 2022
What's the story
Sony Pictures Entertainment released its 2023's first-quarter financial details and the production house made $115M in operating income. However, in a shocking turn of events, this income is 71% less when compared to 2022's last quarter. The production house had a stronger slate in 2023, hence this difference is considered to be quite unprecedented. The company also mentioned the reason behind the drop.
Details
Reason for the significant drop
The drop was attributed to higher marketing costs in order to get more theatrical releases. They also pointed out the decrease in sales. The report mentioned that after OIBDA (Operating Income Before Depreciation and Amortization) it has been 57% lower than the same time frame in 2022. This quarter marked a mixed baggage of releases by Sony Pictures Entertainment.
Release
Films released in the first quarter of 2023
In 2023's first quarter, the biggest release was Spider-Man: Across the Spider-Verse which was a global success. The film raked in $591M globally. The other releases included The Pope's Exorcist which earned $75M globally and No Hard Feelings which earned $40M globally. The latter was an 'R' rated film hence it raked in lesser compared to other films.