证券研究报告 索尼 (6758 JP) 游戏/音乐/传感器表现亮眼，看好 2026 年内容业务部分抵消存储影响 分业务来看，游戏/音乐/传感器业务贡献了主要利润增量：1）游戏业务季度 营收/营业利润同比-4%/+19%。虽然 PS5 硬件销量受周期性因素下滑，但 网络服务和第一方软件销售强劲，公司上调游戏业务全年营业利润指引 2% 至 JPY 510bn；2）音乐业务季度营收/营业利润同比+13%/+9%，主要受益 于流媒体收益和现场活动的拉动。公司将音乐业务全年营业利润指引上调 16%至 JPY 445bn，除了核心业务增长外，更得益于花生漫画并表带来的约 450 亿日元一次性重估收益；3）影像及传感业务季度营收/营业利润同比 +21%/+35%，主要得益于大客户智能手机对高端传感器的旺盛需求以及产 品组合的持续优化，公司上调了该业务的全年营业利润指引 13%。 已锁定下财年存储最低供应量，涨价对利润影响仍需关注 行业性的存储芯片短缺成为关注焦点，根据 TrendForce 预测（2026/2/2）， 2026年第一季度通用DRAM合约价格预计将环比上涨约90-95%，而NAND Flash 合约价预计环比 ...

We came across a bullish thesis on Sony Group Corporation on CompoundingAlpha’s Substack. In this article, we will summarize the bulls’ thesis on SONY. Sony Group Corporation's share was trading at $22.10 as of January 30th. SONY’s trailing and forward P/E were 16.99 and 15.95, respectively according to Yahoo Finance. Josh Brown’s New Best Stock Idea: Electronic Arts (EA) Sony Group Corporation has transformed from a cyclical hardware maker into a diversified, high-margin creative entertainment powerhous ...

Industry Overview - Streaming has evolved into a primary viewing choice for many households, driven by faster connectivity and changing audience habits, creating opportunities for companies like Sony, Fox, and Roku [2] - The appeal of streaming includes convenience and control, leading platforms to invest in original programming and technology to enhance viewer engagement [3] - Industry projections suggest global streaming revenues could approach $190 billion by 2029, supported by nearly 2 billion subscriptions worldwide [4] Company Insights: Sony Group Corporation - Sony's strategic move into streaming began with the acquisition of Crunchyroll for approximately $1.17 billion, creating a global anime platform [7] - By mid-2025, Crunchyroll had over 17 million paid subscribers, showcasing the growth of anime as a mainstream category [8] - Sony Pictures Core focuses on delivering premium film content directly to consumers, enhancing the value of Sony devices [9] - Sony is expanding geographically through partnerships, including launching dedicated subscription channels on platforms like Prime Video [10] Company Insights: Fox Corporation - Fox's streaming strategy gained momentum with the acquisition of Tubi, a free ad-supported platform, which has become central to its direct-to-consumer approach [11] - Tubi reached quarterly profitability in Q1 of fiscal 2026, achieving 27% revenue growth driven by an 18% increase in viewership [13] - Tubi aims for a long-term margin framework of 20-25%, positioning it as a significant future earnings growth engine [14] - The platform is capitalizing on younger viewers migrating to free streaming, enhancing its content slate and advertising capabilities [15] Company Insights: Roku - Roku transitioned from hardware to an end-to-end streaming platform, enhancing its ecosystem for content distribution and advertising [16] - In Q3 2025, Roku's total streaming hours reached 36.5 billion, a 14% year-over-year increase, supporting ad inventory growth [17] - Roku's streaming services distribution is gaining traction, with improved content discovery and a focus on live sports to drive subscriber growth [18] - The launch of Howdy, a low-cost ad-free service, broadens Roku's audience and enhances margins as subscriptions scale [19]

Stablecoin payments are coming to PlayStation. Credit: Anusak Laowilas/NurPhoto via Getty Images. Key Takeaways Sony is planning to issue its own dollar-pegged stablecoin. The proposed token will be used to pay for media content, including games and anime. Stablecoins could power PlayStation and Crunchyroll payments as soon as 2026. Sony Bank plans to issue its own USD-denominated stablecoin before the end of the 2026 financial year, Nikkei reported on Monday, Dec. 1. The proposed coin will drive ...

Core Insights - Streaming content is defined as audio or video files that can be played online without full downloads, enhancing user experience by reducing wait times based on internet speed [1] - The streaming ecosystem consists of four main categories: film and TV studios, live media producers, game publishers and developers, and user-generated content [1] Company Summaries Fox Corp. (FOXA) - FOXA reported strong Q1 fiscal 2026 results with adjusted earnings per share at $1.51 and a revenue increase of 4.9% year over year [6] - The Cable Network Programming segment achieved a 48% EBITDA margin, with revenues rising 4% to $1.66 billion, while Tubi reached profitability earlier than expected with a 27% revenue growth [6] - Total advertising revenues grew by 6% to $1.41 billion, supported by FOX News' premium pricing and NFL ratings averaging 22 million viewers, with upcoming events like Super Bowl LIX and FIFA Men's World Cup expected to drive further advertising revenue [7] - FOXA has $4.4 billion in cash and plans $1.5 billion in share repurchases, maintaining financial flexibility amid rising sports programming costs and competition [7] - Expected revenue and earnings growth rates for FOXA are -1.3% and -7.7% respectively for the current year, with a 5% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [9] Roku Inc. (ROKU) - ROKU delivered strong Q3 2025 results, surpassing earnings and revenue estimates, achieving positive operating income for the first time since 2021 [10] - Platform revenues increased by 17% year over year, driven by streaming services distribution and video advertising [10] - The Roku Channel maintained a strong position in U.S. television streaming, capturing 6.2% of streaming time, with free cash flow generation growing by 182% year over year [11] - ROKU raised its 2025 platform revenue outlook to $4.11 billion, indicating sustained monetization momentum [11] - Expected revenue and earnings growth rates for ROKU are 14.1% and over 100% respectively for the current year, with an 83.3% improvement in the Zacks Consensus Estimate for earnings in the last 30 days [11] Sony Group Corp. (SONY) - SONY is experiencing growth in its Game & Network Services (G&NS), Music, and Imaging & Sensing Solutions (I&SS) segments, despite challenges in Pictures and Entertainment, Technology & Services (ET&S) [12] - Increased engagement in PlayStation is boosting G&NS, while the Music segment benefits from higher streaming in Recorded Music and Publishing [12] - Solid sales of image sensors for mobile devices and cameras are supporting I&SS, with Crunchyroll contributing to subscriber growth in the Pictures unit [13] - SONY's operating income is expected to decrease to approximately ¥70 billion, down ¥30 billion from previous estimates, due to various factors including inventory management and production diversification [13] - Expected revenue and earnings growth rates for SONY are 2% and -2.4% respectively for the current year, with a 4.3% improvement in the Zacks Consensus Estimate for earnings in the last seven days [14]

Core Points - "Chainsaw Man — The Movie: Reze Arc" is the first feature film adaptation of the popular Japanese manga series, directed by Tatsuya Yoshihara, and opened in North American theaters on a recent Friday after an international release in late September [2][3] - The film continues the story of Denji, a Devil Hunter who faces betrayal and death, only to be saved by his devil-dog Pochita, leading to his transformation into Chainsaw Man [3][4] - The movie is produced by Sony Pictures Entertainment and Crunchyroll, and it is expected to follow a similar release pattern as other films from the studio, likely arriving on Crunchyroll's streaming platform approximately four and a half to five months after its theatrical release [4][5] Streaming Timeline - Based on previous releases, "Chainsaw Man — The Movie: Reze Arc" is projected to begin streaming on Crunchyroll between March 10 and March 24, 2026 [6] Subscription Details - Crunchyroll offers three subscription tiers: - Fan Tier at $7.99 per month for access to the library - Mega-Fan Tier at $11.99 per month for streaming on up to four devices - Ultimate Fan Tier at $15.99 per month for streaming on up to six devices, offline viewing, and access to the Crunchyroll Game Vault [7][8]

Core Insights - The film "Demon Slayer: Infinity Castle" continues the story of Tanjiro, Nezuko, and the Hashira as they face Muzan Kibutsuji, the King of Demons, and introduces high-stakes battles that test the characters' limits [1][6][7] - The film is directed by Hikaru Kondo and is based on the original story by Koyoharu Gotouge, featuring a notable voice cast and a compelling musical score [2][7] - "Infinity Castle" has received a strong box office performance and holds an IMDb rating of 8.7/10, indicating positive reception from both critics and audiences [3][7] Film Release and Streaming - The theatrical release of "Infinity Castle" occurred on September 12, 2025, and it is expected to be available for streaming on Crunchyroll between late January and mid-February 2026 [4][6][7] - Previous seasons of "Demon Slayer," including the Mugen Train arc, are available on Crunchyroll and Netflix, allowing viewers to catch up before the online release of "Infinity Castle" [5][7]

Core Insights - The film "Demon Slayer: Infinity Castle" is expected to follow a typical release pattern for anime films, likely landing on Crunchyroll approximately four to five months after its theatrical release [1][6] - The film had a strong opening weekend in India, grossing Rs 44.5 crore, with a notable Sunday collection of Rs 14.5 crore [3][6] - Positive word-of-mouth and a growing anime fanbase in India suggest that the film will continue to perform well in the coming days [4][6] Streaming and Release Patterns - Sony has not yet confirmed a streaming date for "Demon Slayer: Infinity Castle," but based on previous releases, it is anticipated to be available on Crunchyroll between late January and mid-February 2026 [1][2][6] - Previous anime films, such as "Spy x Family Code: White" and "Haikyu!! The Movie," followed a similar release timeline, indicating a consistent strategy by Sony [2][6] Box Office Performance - The film's weekday earnings showed solid momentum, with Rs 3.5 crore collected by Monday, despite a drop from the weekend [4][6] - The film's success is attributed to its diverse language screenings, including English, Hindi, Japanese, Tamil, and Telugu [3][6] Availability of Series - All four seasons of "Demon Slayer," including the Mugen Train arc, are currently available on both Crunchyroll and Netflix, catering to a wide audience [4][6] - Crunchyroll engaged fans by hosting a free YouTube livestream of the entire series prior to the movie's release, enhancing viewer engagement [5][6]

Core Insights - The anime feature "Demon Slayer: Kimetsu no Yaiba Infinity Castle" has opened in theaters and is projected to be a major box office success, with international earnings reaching $316.2 million to date [3] - The film is expected to debut at No. 1 in North America, with ticket sales projected between $56 million from 3,315 theaters [3] - The film has received critical acclaim, holding a 97% "fresh" rating on Rotten Tomatoes and a 99% rating on the Popcornmeter based on over 2,500 user ratings [4] Streaming Release - The film is anticipated to follow the typical release pattern for Sony Pictures/Crunchyroll films, which is approximately four and a half to five months after theatrical release [5] - If this pattern holds, "Demon Slayer: Kimetsu no Yaiba Infinity Castle" could be available on Crunchyroll between January 29, 2026, and February 12, 2026 [6] Subscription Information - Crunchyroll offers three subscription tiers: - Fan tier at $7.99 per month, ad-free with access to the library [7] - Mega-Fan tier at $11.99 per month, ad-free, allowing streaming on up to four devices [7] - Ultimate Fan tier at $15.99 per month, ad-free, allowing streaming on up to six devices and offline viewing [8]

Core Insights - Sony Group Corporation is set to report its first-quarter fiscal 2025 earnings on August 7, with the Zacks Consensus Estimate for earnings at 24 cents per share, unchanged year over year [1][9] - The company has consistently surpassed earnings estimates in the last four quarters, with an average surprise of 40.8%, and its stock has increased by 49.1% over the past year, outperforming the Zacks Audio Video Production industry [2] Business Performance - Sony's strong performance in the fiscal first quarter is attributed to its ability to adapt to the evolving entertainment landscape, leveraging its diverse business portfolio, including gaming, image sensors, music, movies, and financial services [3] - The entertainment division generated nearly 60% of total revenue in fiscal 2024, showcasing its resilience during economic challenges [4] Growth Strategies - The G&NS segment is experiencing growth driven by the increasing user engagement and spending on PlayStation 5, with plans to enhance revenues from PlayStation Plus and the PlayStation Store through personalized strategies [5] - The Music business is focusing on expansion in emerging markets such as Latin America and India, aiming for growth through both organic means and acquisitions, while also investing in music catalogs and talent discovery [6] Segment Highlights - The Pictures segment is benefiting from strong box office performance and increased revenue from Crunchyroll, supported by paid subscriptions and synergies from the acquisition of Alamo Drafthouse Cinema [7] - The I&SS business is likely supported by robust sales of image sensors for mobile devices, with the anime market expected to grow steadily at a high single-digit annual growth rate from 2023 to 2030 [10] Recent Developments - In July 2025, Sony announced a strategic alliance with Bandai Namco, acquiring a 2.5% stake in the company to collaborate on growing global fan communities around anime and manga [13]