The continuous Hollywood strikes orchestrated by the Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA) and the Writers Guild of America (WGA) have prompted Sony to adjust its movie business forecast, anticipating a substantial impact.
These ongoing labor disputes have effectively halted the progress of numerous Hollywood productions, leaving an uncertain timeline for their resumption. Recent discussions between the WGA and the Alliance of Motion Picture and Television Producers (AMPTP) concluded without a resolution, rendering immediate return-to-talks plans elusive.
In light of these challenges, Sony has reassessed its earlier projections, signaling an impending dip in sales generated from its movie business. The strikes have given rise to anticipated revenue reductions primarily due to movie and TV show release delays. Although Sony has downscaled its movie sales expectations by 3%, its projection for operating income needs to be more balanced.
During the three-month interval ending on June 30, Sony Pictures experienced a 6% decline in sales and a significant 68% slump in operating income. However, the theatrical release of several films during this period, notably Spider-Man: Across the Spider-Verse, exhibited robust performance, amassing a remarkable $591 million in global box office revenue.
In July, Sony Pictures postponed releasing several movies, including Ghostbusters: Afterlife 2 and Kraven the Hunter. Spider-Man: Beyond the Spider-Verse was removed entirely from the release schedule. Additionally, the revival of the Karate Kid franchise and the release of Blumhouse’s They Listen have both been subjected to indefinite delays. Finally, followers of the Bad Boys and Venom franchises can anticipate their respective sequels in the summer of 2024.
For a more comprehensive understanding of the developments surrounding Beyond the Spider-Verse, our analysis delves into the identity of the true antagonist in Across the Spider-Verse. For those eagerly awaiting the movie, we provide recommendations for comics to peruse during the interim and insights into how the strikes might influence streaming platforms.
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