Sony Pictures’ parent company reported that the Culver City film studio saw profit drop roughly 50%, to $51 million, during its fiscal third quarter.
Japan-based Sony said the film division’s quarterly revenue was $2.2 billion, down from the $2.5 billion the company reported during the same quarter a year ago. The studio’s profit dropped to $51 million from $102 million.
Sony said the decline was due mainly to the lack of a strong late-year release like 2018’s “Venom.” Released in October 2018, that film grossed $855 million worldwide.
The studio’s major releases during the quarter, which ended Dec. 31, 2019, were “Zombieland: Double Tap,” which grossed $122 million and spent 75 days in theaters during the quarter, and “Jumanji: The Next Level,” which has made $509 million worldwide and spent 19 days in theaters during the quarter.