23 May 2024 , 13:14
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Sony, the Japanese electronics and entertainment giant, is shifting its focus towards creativity in movies, animation, and video games, moving away from traditional gadgetry.
Kenichiro Yoshida, Sony's chief executive, talked about the company's new direction on Thursday, emphasizing the importance of delivering "kando," or deeply emotional experiences, through creative content. While Yoshida steered clear of commenting on rumours about Sony and Apollo Global Management's interest in acquiring Paramount Global, he highlighted that the company's current strategy prioritizes the creative process over iconic products like the Walkman and Trinitron TVs.
He pointed out that "synergies" now lie within intellectual property across various domains, including animation, music, games, and films. "We will continue to support people's creativity through our technology," Yoshida stated during an online briefing. As Sony navigates a competitive market with rivals offering affordable alternatives, it has faced criticism for its foray into the potentially less lucrative fields of movies, music, and other forms of entertainment.
Nevertheless, since its purchase of EMI Music Publishing in 2018, Sony has invested around 1.5 trillion yen ($10billion) over six years to bolster its content creation capabilities. In 2021, Sony bought Crunchyroll, a platform boasting over 13 million paid subscribers and delivering Japanese animation to a global audience.
Another acquisition was Yoasobi, a Japanese music duo that utilises Vocaloid technology, or singing voice synthesizer software, and is garnering fans worldwide. Sony's real-time computing tech, described by Yoshida as capturing "this moment," is being employed in cameras at sports events due to its ability to capture fast-moving subjects without distortion.
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This technology is also used for news coverage, editing, 3D video, computer graphics, including blockbuster films like "Godzilla Minus One," and games based on human athletes' movements, according to Yoshida. Sony recently announced its quarterly profit had risen to 189 billion yen ($1.2billion), up from 141 billion yen the previous year.
Quarterly sales for the PlayStation game machine manufacturer rose 14% to 3.48 trillion yen ($22billion). However, for the fiscal year ending in March, Sony reported a 3% drop in profit at 970 billion yen ($6.2billion) due to underperformance in its financial services segment, which is set to be partially spun off next year.