Sony Pictures earnings soar 527% thanks to Spider-Man's $2.5 billion haul
Sony Pictures Entertainment just posted a monster quarter, and they have their friendly neighborhood web-slinger to thank. Per Variety, the studio's operating income hit $581 million for the three months ended September 30, a staggering 527% year-over-year increase and a record for a September quarter.
The driving force was the blockbuster "Spider-Man: Brand New Day." The film, which opened July 31, pulled in a whopping $2.52 billion globally this summer, making it the third-highest grossing movie in history behind "Avatar" and "Avengers: Endgame." According to TheWrap, it's now Sony Pictures' highest-grossing film ever.
That massive box office translated directly to the bottom line. Sony Pictures' theatrical revenue for the quarter was $1.28 billion, an eleven-fold increase from the same period last year. The success of "Spider-Man" was supplemented by other releases like "Resident Evil."
During an interview with Variety in September, Sony Pictures Motion Picture Group chairman Tom Rothman called the film a "'super-person' film." He credited its relatable, human story as the secret to its success.
Overall, Sony as a corporation reported a 44% jump in net income to $2.8 billion for the quarter. The company's games division also saw strong growth, with operating income leaping 83% to $1.4 billion.
