Sony has finally figured out what the rest of us already knew—people just aren’t buying physical media like they used to.
In a Monday statement to investors, the company attributed the “downward revision…to a lowering of previous expectations regarding the home entertainment business, mainly driven by an acceleration of market decline.”
As such, the Japanese corporate giant is taking a $977 million (112.1 billion yen) writedown in its movie business.
That’s driven in large part by the fact most of us are watching a lot of movies and TV shows via streaming services these days.
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