New York, August 3 (FinanceEnquiry.com) – The production company of the movie ‘Men in Black 3′, Sony Films, reported an increase in sales by 6 percent in its second quarter. Though, it was offset by the marketing costs of other hit films like ‘The Amazing Spider Man’, which released in the current quarter.
The company reported that their losses worsened in the quarter due to restructuring costs, decline in the sales of its home entertainment products and the stronger yen. A net loss of $314 million has been reported by the struggling consumer electronics and entertainment giant for the quarter against a loss of $198 million as compared to the last year’s quarter.
However, revenue increased 1.4 percent. The figures exceeded too far as expected by the analysts. Sony and Redbox reported that the agreement of making Sony one of the two major Hollywood studios has been extended. The action has been taken in order to allow the kiosk company to rent its movies on the same day its open for sale. A 28-day wait time was needed by all the other studios, though Redbox has overcome in case of buying DVDs at a discounted rate from retailers.
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