Sony Bleeds More Red Ink

0
0
Subscribe to Sony alerts

In a case of "can't win for losing," Sony Films reported a 6-percent increase in sales in its second quarter, thanks in large part to its hit film Men In Black 3 , but all of that was offset by marketing costs for other films, including The Amazing SPIDER-MAN , which was released in the current quarter. Overall, the parent company reported that its losses worsened in the quarter due to restructuring costs, falling sales of its home-entertainment products, and the stronger yen. The struggling consumer electronics and entertainment giant posted a net loss of $314 million for the quarter versus a loss of $198 million in the year-ago quarter. Revenue, however, rose 1.4 percent. The figures far exceeded analysts' predictions. Meanwhile, Sony and Redbox said that they have extended their agreement making Sony one of just two major Hollywood studios allowing the kiosk company to rent its movies on the same day they go on sale. (The other major studio is Paramount.) All of the other studios require a 28-day wait time, which Redbox overcomes in some cases by buying DVDs at discount retailers.

02/08/2012


Contactmusic

Tags: Sony - Men In Black - Paramount Pictures - Spider Man

0
0
Subscribe to Sony alerts
Advertisement

More Sony

George Clooney Created Pro Sony Petition But "Nobody Stood Up"

George Clooney's attempt at creating a petition in which members of the film industry could show their support for Sony and determination not to give...

Sony Cancels The Release Of 'The Interview' Amid Hacking Threats

Just a little over a week before its scheduled release date and following apparent threats from hackers, Sony has announced that it has cancelled the...

'Powers' To Be PlayStation 4's First Original TV Series

Sony promised PS4 customers that original TV content would arrive at some point, and we finally know what they’re launching with: ‘Powers’. Sony Pictures TV,...

Sony Entertainment Announce Huge Cuts Of $100 Million To Begin Immediately

Sony Entertainment are currently riffling through their accounts as they look to cut up to $100 million from their budget in the coming months. The...

Advertisement

Naughty Boy Hopes You'll Enjoy Your Stay at the Hotel Cabana, Promises Grandeur

Having broken into music in an unorthodox way – Naughty Boy won £44k on Channel 4’s Deal or No Deal and used the money to...

PS4 Release Date Revealed, So When Are You Getting Yours?

As expected, Sony revealed the release date for their hotly anticipated next generation console, the Playstation 4 at Gamescom this week. And, as predict by...

What The Hell Has Happened To M. Night Shyamalan?

How many chances is M. Night Shyamalan going to get to direct a big-budget movie without making it toe-curlingly horrible? The Indian-American filmmaker proved he...

Box Office Preview: Woefully Reviewed 'After Earth' Will Struggle For No.1

The Will and Jaden Smith starring After Earth - which may well be M. Night Shymalan's worst ever movie - should pull in between $35-40...

Advertisement

Comments

Sony Newsletter

Subscribe to this news alert service to receive news and reviews on Sony

Unsubscribe | Unsubscribe All