Sony Pictures has been tipped to cut around 5% of its global marketing and distribution staff, which impacts around 25 jobs out of 550 staff. The cut impacts positions in research and strategy, publicity, media, operations, as well as the consumer and distribution groups, Bloomberg News reported.
The move will also see international and domestic groups being joined into single teams, according to the news outlet’s sources. In an internal memo, Josh Greenstein, president of worldwide marketing and distribution at Sony Pictures said that the reorganisation will aid in helping better reflect the realities of movie releases. It will also help build the connections needed internally and externally to be efficient and effective.
Marketing has reached out to Sony Pictures for comment.
For the financial year 2017, Sony Pictures saw a 10% increase in sales year-on-year (yoy) to 1,011.1 billion yen, on a US dollar basis. The significant increase in sales on a US dollar basis was due to higher sales in Media Networks, Motion Pictures, and Television Productions. Sales for Media Networks had increased primarily due to higher advertising and subscription revenues resulting from the acquisition of TEN Sports Network and improved ratings, both in India.
Motion Pictures sales increased due to the strong worldwide theatrical performance of Spider-Man: Homecoming and Jumanji: Welcome to the Jungle, which was also partially offset by lower television licensing revenues for catalog product. Television Productions sales increased due to higher licensing revenues for various US television series, partially offset by lower television licensing revenues for catalog product.
Operating income of 41.1 billion yen was recorded, compared to an operating loss of 80.5 billion yen in the previous fiscal year. The improvement in operating results was primarily due to the absence of the 112.1 billion yen impairment charge of goodwill recorded in the previous fiscal year. Operating results had also improved due to the above-mentioned increase in sales, partially offset by an operating loss from TEN Sports Network, acquired in February 2017.
In June, Sony Pictures Entertainment established Innovation Studios, Sony Entertainment & Technology, overseen by Glenn Gainor, president, Innovation Studios, and president, physical production, Screen Gems. The studio looks to feature the latest in research and development from Sony Corporation and others in areas including volumetric video and customizable set scanning to help storytellers around the world create content for the future.
In October last year, Sony Pictures Entertainment appointed Mike Hopkins as chairman, Sony Pictures Television. Hopkins was tasked with overseeing all television production, distribution and marketing operations globally for the studio, as well as SPE’s media networks business.
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