Sony's profit soars 13% on growing sales for music, movies and video games

14 February 2024 , 12:21

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Sony, known as the makers of PlayStation, has seen a rise in profits (Getty Images)

Sony, the Japanese electronics and entertainment company, has seen a 13% rise in profit for October-December due to increased sales of music, image sensors and video games.

The Tokyo-based corporation's quarterly profit totalled 363.9 billion yen, or £1.9bn up from 321.5 billion yen the previous year. Sales for Sony, known for their PlayStation game machines and Bravia TV sets, rose by 22% to 3.7 trillion yen (£19.6 billion).

The company saw strong sales across its diverse business lines, including financial services, games and networking operations, and entertainment businesses such as music and movies. A boost in sales of image sensors for mobile products also contributed to the company's bottom line.

Like other Japanese companies, Sony has benefited from recent exchange rate trends. The yen has weakened against the dollar, boosting the value of overseas earnings when they are converted into yen.

Sony reported that sales of recorded and published music, merchandise and licensing revenue have risen. In Sony's pictures operations, TV and digital streaming licensing revenue and home entertainment sales climbed during the fiscal year following successful movie releases.

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Hits included "Spider-Man: Across the Spider-Verse," an animation film about the superhero, and "The Equalizer," starring Denzel Washington. Sony has announced that the growth of its animation service, Crunchyroll, has boosted profits.

The company has also increased its annual profit forecast to 920 billion yen (£4.8 billion), up from a previous estimate of 880 billion yen (£4.6 billion), although this is still less than the 1 trillion yen earned in the last fiscal year.

Lawrence Matheson