Sony Group (6758): Small Group Meeting with Sony Pictures Entertainment

On October 13, we attended a small-group meeting with Ravi Ahuja, Chairman and CEO of Sony Pictures Entertainment (SPE). SPE management expressed confidence in medium- to long-term growth opportunities, citing improving market conditions in the film and television production industry, with solid box-office performance, particularly strong demand from younger audiences, reduced strike risks following the renewal of contracts with major labor unions, improving profitability among streaming platforms, and potential production efficiency gains from AI. Spider-Man: Brand New Day generated about $2.5bn in global box-office revenue, significantly exceeding initial expectations, though SPE typically retains less than half of gross box-office receipts after revenue sharing. The success could generate additional benefits, including increased interest in Spider-Man: Beyond the Spider-Verse, scheduled for release in June 2027, as well as medium- to long-term streaming and library revenues. SPE exp