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Michael Jackson Saves Sony

CherubimII

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Michael Jackson Saves Sony

Ty Wenger

10/30/09 - 07:04 AM EDT


TOKYO (TheStreet) -- Michael Jackson is the rising tide that lifts all boats -- or at least those boats that have a financial stake in his assets. Sony(SNE Quote) became the latest beneficiary of his posthumous powers today, as it announced reported a smaller-than-expected 26.3 billion yen ($289 million) quarterly loss as cost cuts combined with healthy sales of PlayStation 3 game consoles and, yes, Michael Jackson hits.
Sony has been battered by the global slowdown, sliding prices of gadgets and its failure to produce new blockbuster consumer products. But the Japanese electronics and entertainment giant said Friday that it now expects a smaller loss for the full fiscal year through March 2010.
Sony is now projecting a 95 billion yen ($1 billion) loss compared with an initial forecast of a 120 billion yen ($1.3 billion) loss. The new forecast is marginally better than the 98.9 billion yen loss it suffered the previous fiscal year.

Several of Sony's Asian electronics competitors also filed their earnings today, including South Korea's privately held Samsung Electronics, which said it managed to triple its profit in the July-September quarter amid increased sales. Likewise, Panasonic(PC Quote) announced that is posted a quarterly profit for the first time in a year, helped by cost cuts and recovering demand for home electronics, while Toshiba(TOSBF Quote) reported a net profit of 100 million yen ($1.1 million) for the fiscal second quarter, up from a net loss of 26.9 billion yen in the same period a year earlier.

Sony shares gained 2.8% to close at 2,785 yen ($30) in Tokyo. ADRs in the company were changing hands relatively flat in pre-market trading, up 6 cents to 30.60 three hours before the open of the NYSE. -- Written by Ty Wenger in New York
http://www.thestreet.com/story/10619348/1/michael-jackson-saves-sony.html?cm_ven=GOOGLEN
 
Sorry, but they are profiting from Michael because they own rights to his music and so on why they brought legitimately, like when Michael brought the beatles catalogue, its just business, Michael would do the same
 
his music gets released on thier label of course is gonna help them.they dont own the rights like mj and the beatles. totally seperate
 
I am convinced, it is totally different whether Michael is alive or dead how much they earn. I am sure, when he was alive they had to negotiate what they can do and what not.
 
Sony was never in trouble. this is an american journalist who would like to think that they were, but they never were. their definition of a loss is not a loss. there is a difference between a loss and a slow down. they pick a certain time of year, and see that something isn't happening as fast as they perceive it should, and they call it a loss.
 
vncwilliam said:
Sony was never in trouble. this is an american journalist who would like to think that they were, but they never were. their definition of a loss is not a loss. there is a difference between a loss and a slow down. they pick a certain time of year, and see that something isn't happening as fast as they perceive it should, and they call it a loss.
Click to expand...
no, they were in trouble. Of course a slow down, but it a loss you can balance it to and fro, the result is the same. One can't deny that they are the real winner of Michael's death. Nothing to do what I am thinking about TINI.
 
mjdove said:
no, they were in trouble. Of course a slow down, but it a loss you can balance it to and fro, the result is the same. One can't deny that they are the real winner of Michael's death. Nothing to do what I am thinking about TINI.
Click to expand...

no. that's panic thinking. the only thing that increased is radio play. people tend to think someone is in trouble, and they're just not. the hype increased, and that is all. after all they were the same ones that thought the movie had a slow start, and again, they panicked. certainly Michael's music is a big thing that keeps Sony afloat, along with playstation..but i'm not gonna go on with this.
 
Call it profiting. Call it irony. Call it what you want. Business is business. You do what you gotta do.
 
These bloodsuckers will get the punishment they deserve eventually.

But I will continue to support Michael and buy his stuff, also benefiting his children too.
 
Michael hasn't just saved Sony, he made the powerful music label what it is starting with Off The Wall in 1979.
 
Sony run of losses continues despite Michael Jackson sales boost

• Electronics group lost ¥26.3bn in latest quarter

The surge in interest in Michael Jackson's music was not enough to save Sony from its fourth quarterly loss in a row, but there are signs of optimism for the Japanese media group.

The consumer electronics and entertainment company.

Yesterday it reported losses of ¥26.3bn (£175m) in the three months from July. Sony said it expected annual losses of ¥95bn this year, a slight improvement on its initial estimate of ¥120bn..

Sony's susceptibility to the global recession was underlined this year when it reported a ¥98.9bn loss for 2008. Its Sony/ATV music publishing venture benefited from the boost in sales of Michael Jackson albums following his death in June. Sales of PlayStation 3 game consoles also picked up, but Sony is heading for its first consecutive annual loss since it became a listed company in 1958.
[...]
http://www.guardian.co.uk/business/2009/oct/30/technology-sony
 
Not even Michael Jackson could save Sony, though he did more than his part for the music division.

Sony six-month losses nearly $700 million, PS3 sales up

By Tor Thorsen, GameSpotPosted Oct 30, 2009 1:59 am PT

Better-than-expected July-Sept. quarter sees current-gen console sales jump to 3.2 million, but PSP sales fall to 3 million and PS2 sales drop to 1.9 million; annual loss estimate lowered.

Yesterday, Nintendo reported a ¥69.5 billion ($766 million) net profit for the six months ended September 30, far below analysts' estimates. Today, rival Sony announced it took a ¥63.2 billion ($696 million) net shortfall during the same period, following the $1.03 billion annual loss it reported in May--its first since 1995. Revenue for the April-September period was ¥3.261 trillion ($35.85 billion), down from ¥4.051 trillion ($44.54 billion) during the same period in 2008.

While substantial, Sony's red ink was less than that predicted by a Thomson Reuters new service survey of analysts, thanks to a better-than-expected ¥26.3 billion ($289 million) net loss on during July-September quarter. During that time, the company took in ¥1.66 trillion ($18.26 billion) in revenue, down from ¥2.07 trillion ($22.77 billion) during the same period the year prior.

The three-month period saw Sony's Networked Product and Services Division, which includes Sony Computer Entertainment, generate ¥352.6 billion ($3.88 billion) in operating revenue for an operating loss of ¥ 58.8 billion ($646 million). Though it did not break out SCE's earnings, Sony did say that "sales in the game business decreased year on year primarily as a result of the appreciation of the yen, as well as a decrease in unit sales of PlayStation 2 hardware and software." The company's admission comes just two days after it used the platform's ninth birthday to declare the PS2 was "showing no signs of slowing down."

Indeed, quarterly PS2 sales dropped from 2.5 million units in July-September 2008 to 1.9 million units during the same time frame in 2009. Quarterly PSP sales were also down, falling from 3.2 million units to 3.0 million units. But thanks to the introduction of the $300 slimline model in late August, PS3 unit sales rose from 2.4 million units to 3.2 million units.

Sony also cited lower movie revenue and declining sales of its VAIO laptops, Bravia HDTVs, and Sony Ericsson mobile phones as other reasons for its losses. However, a doubling in finance-sector revenue, an increase in music revenue boosted by sales of the late Michael Jackson's albums, and eventual savings from a massive companywide restructuring, which saw 16,000 jobs eliminated, caused the company to raise its full-year earnings projections. The company now expects to lose ¥95 billion ($1.04 billion), down from ¥120 billion ($1.32 billion).

http://www.gamespot.com/news/6238436.html?om_act=convert&om_clk=newstop&tag=newstop;title;2
 
These reports are before the movie and DVD release and only about Michael's music.

Irony doesn't even describe this bittersweet situation. But corporates always come out on top eventually because like most of'em they always pass on their losses to the consumers. :-(
 
They're selling This Is It 2 CD Music Collector's Edition for $99.99 :doh:

http://store.michaeljackson.com/Michael-Jacksons-This-Is-It-2/A/B002QHKHBC.htm

Customer Reviews:

"I just bought this exact product on QVC for $25 with shipping. I cannot believe that someone is scamming people on the "collectors edition" and charging $100 a pop. Way to take advantage of people in this economy when they just want to pay tribute to a great entertainer and own a piece of history. I'm apalled and that is not an easy thing to do."

"Because the new song is only "this is it".
I thought the sound was the same of the film "This is it".
I was a little bit disappointed."
 
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