Sony (6758): Sony Pictures Overview / FY17 Film Release Schedule
For Sony to move into the ¥500~600bil OP range, it will need not only a recovery in the cyclical hardware business, but also improved OPM in the much-vaunted entertainment business. The biggest room for improvement on that front lies with the Pictures division (notwithstanding its US$1bil goodwill write-down). The February 2015 appointment of Tom Rothman as head of the film business was important, both because of Rothman’s reputation as a cost-cutter, and because he has a habit of bringing some big titles with him (he brought Avatar, Titanic and X-Men to Fox (FOX US)). At a minimum, the ¥450bil/yr film business should be delivering an OPM of 10%, adding ¥40bil to OP. Many would argue that both that sales figure and that OPM target are low watermarks given Hollywood's potential in this globally-based, HD-streaming, video age.
We discuss the movie line-up sheduled for US release this fiscal year, Hirai’s options and why we think Sony remains in a very unique position compared to other global content providers.
Sony is engaged in the development, design, production, manufacture, offer and sale of various kinds of electronic equipment, instruments and devices for consumer, professional and industrial markets such as network services, game hardware and software, televisions, audio and video recorders and players, still and video cameras, mobile phones, and semiconductors. Co. is engaged in the development, production, manufacture, and distribution of recorded music and the management and licensing of the words and music of songs as well as the production and distribution of animation titles. Co. is also engaged in the production, acquisition and distribution of motion pictures and television.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
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