Apple’s foray into subscription-based businesses continues to resonate on the bottom line. The tech giant April 28 reported record services revenue of $19.8 billion for the second quarter (ended March 26). That compared with revenue of $16.9 billion during the previous-year period. Overall, Apple posted a March quarter revenue record of $97.3 billion, up 9% year over year.
Services revenue includes sales of movies and TV shows on iTunes, the App Store, Mac App Store, Apple Music, Apple Pay, Apple TV+, Apple Arcade and Apple News+, among others.
“We are delighted to see the strong customer response to our new products,” CEO Tim Cook said in a statement.
CFO Luca Maestri said Apple reported record quarterly revenue for iPhone, Mac, and Wearables, Home and Accessories.
“Continued strong customer demand for our products helped us achieve an all-time high for our installed base of active devices,” said Maestri. “Our strong operating performance generated over $28 billion in operating cash flow allowed us to return nearly $27 billion to our shareholders during the quarter.”
Sony Pictures Home Entertainment Oct. 28 reported second-quarter (ended Sept. 30) revenue of $130 million, which was down 24% from revenue of $171 million during the previous-year period. The tally, based largely on catalog titles, nearly doubled Sony’s theatrical revenue of $66 million.
Since the pandemic began, Sony has shelved major theatrical releases, including sequel Venom: Let There Be Carnage, which wasn’t released until Oct. 1. The studio’s top-performing theatrical release in the quarter was thriller Escape Room: Tournament of Champions with $53 million at the global box office, followed by Don’t Breathe 2 with $50 million.
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Home entertainment’s lone new release, sci-fi actioner Monster Hunter, has generated a reported $12 million in packaged media sales since its March 2 release.
Overall, studio revenue increased 35% to $2.36 billion, from $1.75 billion, fueled by TV production and media networks, which skyrocketed revenues 65% and 48%, respectively.
Episodic customers include Netflix (“Atypical” and “Sex Education”); Peacock (“Beyond Salem”); Hulu (“Woke”); Amazon Prime Video (“The Boys”); and Pantaya (“De Brutas Nada”).