Sony is looking elsewhere from movies in a bid to resuscitate profits which have been dwindling. It is more interested in television instead of the big screen and that is where it will be concentrating. The giant Japanese firm is to downsize its movies department both literally and metaphorically.
Kazuo Hirai has taken Sony to where it is today. And while it has been a journey of prosperity, there have been losses along the way. The hardware department seems to be flourishing, yet the software needs updating. Especially, the entertainment division has been facing a downward trend in its luck.
Most of the movies that came out in recent times did not gross much at the box office. And so there have been budgetary cuts in filmic content as well as some of the staff being laid off. A certain independence from the parent Japanese conglomerate was slated to have been the watchword. However, Kazuo Hirai has rebuffed the offer of separating from the umbrella group.
Sony seems to finally have faced the music when it comes to its entertainment section. Things were definitely not looking good there. With such movies as Smurfs 2 and White House Down bringing in poor revenues, it was time to smarten up.
Sony is to cut at least $250 million from its budget in order to keep the ship sailing. And just to show that its intentions are pure Sony has also decided to show greater transparency in its financial figures. Meanwhile, television is where the future lies for this giant. The turnout of poor quality movies was getting in the way of progress.
Source: The Verge