| 28 May 2024
Sony Corporation to separate video and sound business unit

MUMBAI: Last year, Sony Corporation spun off its flat TV unit, now the company has decided to spin off its video and sound business unit into a separate company. According to the company, this decision will help the company to become profitable again.

According to the Japan News, this decision is part of the three-year growth plan. The report also stated that Sony Corporation is positioning devices, game and network services, picture and music as the segments that will drive its profit growth over the next three years. The company will invest immensely in the devices, game and network services, pictures and music segments to improve both sales and profits.

By October, the video and sound unit which is known for its Walkman audio player will become more independent, said CFO Kenichiro Yoshida. This announcement was part of the midterm corporate strategy for the fiscal 2015-2017 period.

According to another report, Sony will drive to develop its PlayStation network user base, while targeting on areas such as streaming music.

However, Sony is targeting consolidated operating profit of more than ?500 billion for Sony Group. According to consolidated results forecast for Q3 ending 31 December 2014 for Sony Corporation, equity in net income of affiliated companies, recorded within operating income, is expected to decrease by ?1.6 billion year-on-year to ?0.04 billion. Income before income taxes is expected to increase ?76.4 billion to ?164.7 billion.