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takyon [soylentnews.org] writes:

Sony has written down $977 million [arstechnica.com] in its movie business, blaming a decline in physical media sales:

In a Monday statement [documentcloud.org] 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." [...] "The decline in the DVD and Blu-ray market was faster than we anticipated," Takashi Iida, a Sony spokesman, told Bloomberg News [bloomberg.com].

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