TOKYO (AP) — Sony Corp.’s its fiscal third quarter profit jumped 62%, positioning the Japanese entertainment and electronics giant for a record annual profit as its bottom line got a healthy boost from its mega-hit animation film “Demon Slayer.”
Tokyo-based Sony reported Wednesday a 371.9 billion yen ($3.5 billion) profit for the October-December period, up from 229.5 billion yen a year earlier.
Sony’s video-games sector thrived as people stuck at home for the coronavirus pandemic turned to such entertainment content.
Sony’s quarterly sales edged up 9% to 2.7 trillion yen ($25.7 billion).
Among the best-selling music from Sony in the quarter just ended were AC/DC’s “Power Up” and Bruce Springsteen’s “Letter to You.”
Among Japanese artists, “homura,” a theme song for “Demon Slayer,” by LiSA, and “Step and a Step,” by NiziU did well, according to Sony. Sony said it’s counting on relatively new artists like American singer Doja Cat.
Atul Goyal, an equity analyst with Jefferies, noted that Sony has been beefing up its music division, such as with its recent acquisition of independent distributor AWAL, which he called “a win-win relationship.”
“Streaming is driving secular growth in the music business, and Sony is well-positioned to drive sustained profit growth,” Goyal said.
Yuri Kageyama is on Twitter https://twitter.com/yurikageyama