This week, Sony Pictures reported a profit for the second quarter, despite registering little success with its movies in theatres. Sony only fielded two wide theatrical releases in Q2, with MORBIUS and FATHER STU. Both films had minimal box office success, with FATHER STU failing to resonate outside of the niche of faith-based audiences and MORBIUS underperforming in the wake of poor reviews from critics and MCU fans alike.
Despite this gap in theatres, Sony’s revenues were lifted by licensing deals with Netflix and Disney and by its anime-centered streaming service Crunchyroll, which Sony acquired from AT&T one year ago. In its earnings announcement, Sony execs noted that it foresees significant challenges ahead, based on the strengthening U.S. dollar and overall uncertainty in the economy. However, Sony’s profitable quarter despite minimal theatrical success demonstrates the studio’s wisdom in maintaining diversified revenue sources.