Sony Group Corporation (hereinafter referred to as Sony) announced its overall performance figures for the fiscal year 2023 (April 1, 2023- March 31, 2024) today: In the fiscal year 2023, Sony Group's sales revenue reached 13020.8 billion yen, a year-on-year increase of 19%; The operating profit reached 1208.8 billion yen, a year-on-year decrease of 7%; The net profit was 970.6 billion yen, a slight decrease of 3% year-on-year.
In this fiscal year, Sony Group's various businesses performed steadily, with the gaming business mainly benefiting from the growth of non first party gaming software and in game paid sales; The sales of streaming subscription services for music recording and distribution have increased in the music business; The film and television business has seen an increase in sales due to the release of multiple films, as well as an increase in paid subscription users for Crunchroll; Increase in sales of image sensors for mobile products; The positive impact of exchange rates, etc. Sony has set an expected operating profit target for the fiscal year 2024, which is 1275 billion yen.
The sales revenue of G&NS increased by 17% year-on-year to 4267.7 billion yen, and the operating profit increased by 16% year-on-year to 290.2 billion yen, mainly due to the growth of non first party game software and in-game paid sales and the positive impact of exchange rates, offsetting the increase in expenses caused by platform hardware product marketing activities and the decrease in sales of first party games.
The sales revenue of Music business increased by 17% year-on-year, reaching 1619 billion yen, and the operating profit increased by 15% year-on-year, reaching 301.7 billion yen. Mainly due to the increase in sales of recorded music and music distribution brought about by paid subscription services for streaming media; Profit growth from recording music products, performances, and other sales; The positive impact of remeasurement income and exchange rates generated by company mergers.
The sales revenue of the film and television business (Pictures) increased by 9% year-on-year to 1493.1 billion yen, and the operating profit remained basically the same as last year, reaching 117.7 billion yen. This is mainly due to the increase in films released in theaters and the growth of Crunchyroll paying users, offsetting the decrease in TV series production and delivery caused by the Hollywood strike; This fiscal year lacks the support of several IP series films that contributed revenue obtained in the 2022 fiscal year; And the impact of increased marketing costs for film distribution.
The sales revenue of the Entertainment, Technology, and Services (ET&S) business slightly decreased to 2453.7 billion yen year-on-year, but the operating profit increased by 4% year-on-year to 187.4 billion yen, mainly due to the positive impact of the exchange rate offsetting the decrease in sales of television business units.
The sales revenue of the Imaging and Sensing Solutions business (I&SS) increased by 14% year-on-year to 1602.7 billion yen, mainly benefiting from the increase in sales revenue of image sensors used for mobile products and the positive impact of exchange rates. The operating profit decreased year-on-year to 193.5 billion yen, mainly due to factors such as depreciation and amortization expenses, large-scale production of new mobile product image sensors, and increased manufacturing costs.
The sales revenue of Financial Services business increased by 99% year-on-year to 1770 billion yen, mainly benefiting from the significant increase in Sony Life's revenue and the increase in net investment income related to independent accounts and market fluctuations.