TOKYO — Sony CEO Kazuo Hirai forecast that revenue at Sony Pictures Entertainment would be in the $10 billion to $11 billion range by 2017-18 fiscal year. That compares with $8.1 billion expected for the current full-year fiscal period ending March 2015.
Hirai presented the forecast at Sony’s investor relations day held Tuesday in Tokyo.
Hirai said that top-line growth would be achieved by the TV network business, program production and focus on blockbuster movies. He said margins would also improve and that film-related costs would be reduced by $300 million.
Hirai called Sony’s film business “one major pillar of the (Sony) group that has been producing steady profits.”
Sony’s forecast for its music business is for 8 percent growth to revenue of $5.2 billion in the same time frame.
Hirai apologized for a previously announced decision not to pay shareholders a dividend for the current fiscal year. “I promise that we will resume paying dividends in the near future,” he said.
He also said Sony will hold another meeting this year to present a midterm business plan for getting the group back to profitability after a long season of red ink.