The Japan-listed electronics-to-entertainment giant does not break out separate figures for its Sony Pictures Entertainment unit, with movies, TV production and distribution and channels grouped together but quarterly revenues have increased “significantly” across its TV productions division with SVOD revenues from Breaking Bad primarily responsible.
The overall entertainment division reported revenues of US$2.1 billion for its fiscal 3Q13, a 7.1% increase year-on-year. Operating profit was down 4.2% year on year, taking the total to US$231 million.
Sony recently told investors it was refocusing its Sony Pictures Entertainment business on TV with the movie division struggling. On the movies side Sony said lower theatrical and home entertainment revenues were responsible for a “significant” decrease in quarterly revenues.
The operating income decline was also attributed to the under performance of the movie division as well as increased cost of having a greater number of TV shows in production.
Sony reiterated its intention to implement US$250 million of cost cuts across SPE although these will come from the movie and not the TV part of the business, Sony has told TBI. The cost savings programme will be implemented between now and March 2016.