Sony has cut its movie business forecast as a result of the impact of the ongoing Hollywood strikes.
The ongoing Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA) and Writers Guild of America (WGA) strikes have put a halt to Hollywood productions, with no end in sight.
Earlier this month, Warner Bros. Discovery said it expects a return to work date in early September, but a recent meeting between the WGA and the Alliance of Motion Picture and Television Producers (AMPTP) to discuss contract negotiations ended in stalemate, with no immediate return to talks planned.
Sony said sales from its movie business will now be lower than it forecast in April “primarily due to the impact of the strikes”. The strikes, Sony said, are expected to lead to lower revenues mainly due to movie and TV show delays. Sony has revised its movie sales forecast down 3%, although its operating income prediction remains the same.
For the three-month period to June 30, Sony Pictures suffered a 6% decrease in sales and a 68% decrease in operating income. Still, Sony Pictures saw strong performance of films released theatrically in the three month period to June. Sony’s biggest hit was Spider-Man: Across the SpiderVerse, which pulled in $591 million at the global box office.
In July, Sony Pictures delayed a number of movies, including Ghostbusters: Afterlife 2 and Kraven the Hunter. Spider-Man: Beyond the Spider-Verse was removed from the schedule entirely. A Karate Kid reboot has also been delayed, with Blumhouse’s They Listen being delayed indefinitely. Finally, sequels to Bad Boys and Venom now have summer 2024 release dates.
For more on Beyond the Spider-Verse, check out our analysis of who the real bad guy will be in Across the Spider-Verse. You can also check out the comics to read while waiting for Beyond the Spider-Verse and why the strikes can save streaming.
Wesley is the UK News Editor for IGN. Find him on Twitter at @wyp100. You can reach Wesley at wesley_yinpoole@ign.com or confidentially at wyp100@proton.me.