Sony hope for growth in emerging markets
June 28, 2008
Sony are hoping that plans to expand into emerging markets will revive their fortunes. This large growth push follows several years of job cuts.
The Japanese electronics firm has set out plans to regain its lead in the TV market, lower losses in video games and introduce movie services to encourage web users to buy Sony products. Sony chief executive Howard Stringer said £8.6bn (1.8 trillion Yen) would be invested over the next three year in expanding into such markets as Brazil, Russia, India and China and new technology. He also set targets which aim to return to profitability in its game and TV businesses.
In the US from autumn, Sony will be streaming feature films and TV shows directly to Bravia TV’s, without using satellite or cable facilities but through the internet. Sony will be the first in the industry to do this. Also in the US this summer, a movie download service will be available for the Playstation 3 console. The same service will hopefully be available in Japan and Europe later, details are to be released next month.
Mr Stringer has said he hopes 90% of Sony’s electronic products to connect to the internet wirelessly by March 2011.
At a news conference in Tokyo Mr Stringer said “Our mission is simply to be the leading global provider of networked consumer electronics and entertainment. Sony will be united. Sony will succeed.”
Sony hopes to double its annual revenue in Brazil, Russia, India and China (BRIC) by March 2011. “The BRIC countries are some of the fastest growing economies worldwide. This is where the worlds next billion consumers live,” said Mr Stringer.
He added “Our mission is to simply be the leading provider of networked consumer electronics and entertainment.”
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