Sony’s FY23-24 revenue drops 3% to Rs 6,510 crore

Sony’s FY23-24 revenue drops 3% to Rs 6,510 crore

Net profit declines by 19% and ad income down by 11%

Culver Max Entertainment (Sony Pictures Networks India) has reported a consolidated net profit of Rs 839 crore for the fiscal year ending March 31, 2024, marking a 19% decline compared to the previous year.

According to the annual report of the company for FY 2023-24, Sony experienced a 3% drop in revenue from operations, reaching at Rs 6,510 crore.

The advertising income plummeted by 11% to Rs 2,912 crore. However, its subscription revenue grew by 7% to reach Rs 3,346 crore, providing some relief against the backdrop of declining ad revenue.

Its total expenses dropped by Rs 5 crore, bringing them to Rs 5,548 crore.

The content costs for SPNI, which operates 26 TV channels spanning entertainment, sports, kids, and infotainment, alongside its streaming platform, SonyLIV, decreased by 3% to Rs 2,936 crore, while advertising and promotional expenses increased by 2% to Rs 882 crore.

During the fiscal year, SPNI called off its planned merger with Zee Entertainment Enterprises. Recently, both companies reached a non-cash settlement, resulting in the withdrawal of their claims from the National Company Law Tribunal and the Singapore International Arbitration Centre.

In its financial report, Sony indicated a write-back of Rs 43 crore, a decrease from Rs 100 crore in FY23, related to a one-time talent retention initiative associated with the merger. Furthermore, the company faced Rs 89 crore in integration and legal expenses for the merger scheme, slightly lower than the Rs 99 crore recorded in the last fiscal year.

To revitalize the network, SPNI appointed former Disney Star executive Gaurav Banerjee as its MD and CEO in August. Sources indicate that Banerjee is focused on a turnaround plan for the company's flagship Hindi general entertainment channel, Sony Entertainment Television (SET), which has struggled with a lack of successful fiction shows.