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One Movie Is Mostly Responsible For Sony Pictures’ Surprisingly Strong Quarter

Sony reported its quarterly earnings on Tuesday, revealing sales of more than $18 billion (or 2,062.5 billion yen) for the period between July and September, up 22% from the same period a year ago—and the Japanese tech and media giant credits some of its success to Marvel superhero film Spider-Man: Homecoming.

Sony Pictures Entertainment, the company’s film division, increased revenue 27% year over year to ¥244 billion. (It’s a 17% increase on a U.S. dollar basis; the unit is based in Culver City, Calif.) “Motion Pictures sales increased significantly due to the strong worldwide theatrical performance of Spider-Man: Homecoming,” Sony wrote in its report.

Tom Holland in “Spider-Man: Homecoming.”Courtesy of Columbia Pictures
Courtesy of Columbia Pictures

The Media Networks side of the division also had a strong quarter, in part due to higher advertising and subscription revenues from the TEN Sports Network, a sports network in India that Sony Pictures Entertainment acquired in February.

The conglomerate credited its games division and the weakening of the Japanese yen to the dollar and euro for its strong overall results. The company raised its full-year profit forecast more than 20% to $5.6 billion, or ¥630 billion.