Sony’s profit zooms to record on video games, ‘Demon Slayer’

Business News

A man stands by the logo of Sony at an electronics retail chain store in Tokyo, Wednesday, April 28, 2021. Sony’s January-March profit zoomed eight-fold to 107 billion yen ($982 million) as people stuck at home during the coronavirus pandemic turned to the Japanese electronics and entertainment company’s video games and other visual content. (AP Photo/Koji Sasahara)

TOKYO (AP) — Sony’s January-March profit zoomed eight-fold to 107 billion yen ($982 million) from a year earlier as people stuck at home during the coronavirus pandemic turned to the Japanese electronics and entertainment company’s video games and other visual content.

Sony Corp. reported Wednesday a record profit of 1.17 trillion yen ($11 billion) for the fiscal year that ended March 31, roughly doubling from 582 billion yen the previous fiscal year.

The popularity of the “Demon Slayer” animation film also helped, along with solid sales in mobile game applications and digital content. Demand persists for the PlayStation 5 game console, which went on sale last year. Sony said it has sold 7.8 million PlayStation 5 machines globally.

Tokyo-based Sony’s quarterly sales rose 27% from 1.7 trillion yen to 2.2 trillion yen ($20 billion). Sony had reported a January-March profit of 12.6 billion yen last year.

Sony’s financial services division, including banking and insurance, also contributed to healthy profits and sales for the fiscal year.

Among the top-selling Sony musical artists in the latest fiscal year were Harry Styles, AC/DC, Luke Combs and Doja Cat.

But Sony projected a 44% decline in profit for the fiscal year through March 2022, at 660 billion yen ($6 billion), as factors that boosted profit for the fiscal year just ended, such as the megahit “Demon Slayer,” would be missing.

Sales for the fiscal year through March 2022 were expected to rise nearly 8% to 9.7 trillion yen ($89 billion), as movie theaters reopening with the pandemic subsiding in some regions would help its motion pictures business.

The company also expects increased revenue from licensing the TV show “Seinfeld.”

Sony said its bottom line was supported by its strong intellectual property content and lucrative acquisitions, part of its transition from mostly manufacturing electronics products like TVs and Walkman recorders to delivering a variety of entertainment. ___

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Business News

More Business News

Political News

More Political News

Technology News

More Technology News

Science News

More Science News

Entertainment News

More Entertainment News

Odd News

More Odd News

The Markets

More The Markets

Associated Bank Market Outlooks and Thought Leaders

More The Opening Bell