Sony Group has reported record sales for their PlayStation console with games software and music sales also soaring, there was no mention of TV’s or audio sales with the Japanese Company committed to content and mergers for future growth.
The Company that already owns Bruce Springsteen’s publishing catalogue and his recorded music catalogue, as well Queens music assets after forking out over $1.5 billion has bolstered revenues following a year long spending spree on content.
In the December quarter, Sony sold 9.5 million units of its flagship console, up more than 15% from the previous year.
Game software sales grew 7% while network services sales rose almost 30%.
The number of PlayStation online subscribers hit 129 million, a record for any PlayStation generation, Sony said.
The biggest seller of PlayStation consoles in Australia is JB Hi Fi.
Sony PS5 beta. Supplied.
“The PS5 has now beefed up its library of games and broadened its user base,” Morningstar Research Director Kazunori Ito said. “This should guarantee profit generation in the next fiscal year and the year after that.”
Recently arch rival Microsoft announced that they were currently developing a new Xbox console in an effort to compete with Sony.
The rise in operating profits at Sony surprised analysts who had expected a double-digit decline. The increase prompted Sony to lift its annual net income forecast by 10% to US$7 billion, which is above analyst estimates.
For a while Sony dominated the camera sensor business now under pressure from the likes of Samsung Sony is struggling to deliver growth.
A big earner for Sony who is tipped to be getting out of the TV market was streaming services with the Japanese Company increasing revenue from both recorded music and music publishing.
In the consumer market Still and video camera sales fell along with a big slump in TV and audio sales.
In January, Sony announced the promotion of Chief Financial Officer Hiroki Totoki to the chief executive post from April, tasking him with expanding the company’s entertainment portfolio.
It was recently revealed that Sony was one of one of the bidders for Paramount Global the owners of the Ten network in Australia.
The entertainment group last quarter launched PlayStation 5 Pro, a high-priced, high-performance version of the company’s flagship game console. That’s helped build bigger-than-expected momentum for console sales in the December quarter, Totoki said.
This year, Sony awaits blockbuster titles including Capcom Co.’s Monster Hunter Wilds and Rockstar Games Inc.’s Grand Theft Auto VI.
“The strong games we have lined up will help build on the PS5’s current momentum into the next fiscal year,” Totoki said.
