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Sony eyes 36% rise in movie sales in 3 years
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SONY Corp aims to lift its movie entertainment revenues by more than a third in the next three years, its chief executive said yesterday as the loss-making consumer electronics firm tries to counter flagging smartphones sales.
CEO Kazuo Hirai has been under pressure to show the entertainment business can be a strong contributor to revenue after rejecting last year a proposal by US hedge fund Third Point to spin off the segment.
Hirai said Sony Pictures Entertainment, the unit behind “The Amazing Spider-Man” and TV drama “Breaking Bad,” aims for sales of US$10-11 billion in the year ending in March 2018, up as much as 36 percent over the US$8.1 billion forecast for this year.
Investors are also watching for signs that Sony’s restructuring under Hirai, who was appointed in 2012, is bearing fruit. In September, Sony scrapped dividends for the first time since going public citing deep losses in the smartphone unit.
Speaking at an investor briefing, Hirai promised to unveil a longer-term growth plan for the entire company before end-March.
“I understand that everyone expects me to show how Sony can be changed into a highly profitable company ... and to unveil a roadmap toward growth for the overall company,” he said.
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