Sony Rides Coronavirus Wave on Entertainment Board

Net profit indicator increased by 86%

Photo: AP

/ ENV / Sony expects the highest net profit in a year as its strengths in entertainment content such as games, anime and music streaming proved to be successful during the coronavirus pandemic.

On Wednesday, the company raised its forecast for net income to $ 10 billion for the current fiscal year, up 86% from a year ago. Profit will exceed the all-time high in March 2019.

This is the second upward revision this fiscal year. The company earlier said it expects its annual net income to increase by 37%.

The record numbers will be supported by a 7% yen increase in revenue and an 11% increase in operating profit, boosted by pandemic-driven demand for home entertainment.

The conglomerate’s subscription-based gaming services continue to be popular with gamers, especially PlayStation Plus, which generates monthly subscription income for its online multiplayer games. By the end of December, PS Plus had surpassed 47 million subscribers, up 22% from a year ago, as the pandemic kept many at home.

Sony said it has sold 4.5 million units of its latest PlayStation 5 console, released in November, so far. Increased hardware sales, as well as popular games like Marvel’s Spider-Man: Miles Morales, which have sold over 4 million copies, helped offset higher marketing and advertising costs.

The company currently expects to increase its annual operating profit by 42%.

Sony, meanwhile, is facing some hurdles, including a global chip crisis, as well as growing criticism of its inability to supply gamers with consoles.

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