Sony looks to content arm for sales injection
Sony expects to increase film and TV sales by 36% by March 2018 from the US$8.1 billion forecast this year to counter dwindling smartphone sales, its CEO has told investors.
Kazuo Hirai, who was appointed head of the Japanese consumer electronics company in 2012, also said he would announce a longer-term growth plan for the entire company before the end of March 2015, according to Reuters.
In 2013, Sony rejected a proposal from US hedge fund Third Point to spin off the entertainment arm responsible for The Amazing Spider-Man and Breaking Bad, among other popular movies and TV dramas.
The company aims for content sales of $10-11 billion in the year ending March 2018, with an operating profit margin of 7-8%, up from the 6.6% forecast for the current financial year.
Sony Pictures and Sony Music are expected to provide around 18% of the company’s overall sales this year, Rapid TV News reports.