Sony Corporation looks to lift its revenue in movie entertainment over a third within a three-year period, according to CEO Kazuo Hirai, as they are struggling to compete against Smartphone sales. The pressure is on him to show that the entertainment industry is a great contributor to its revenue, after Sony has rejected a spin off proposal from Third Point, a US hedge fund company.
In light of the story, investors remain positive about the bearing of fruits of Hirai, who was appointed as CEO last 2012. In the last quarter, the company scrapped dividends after public citing their huge losses against Smartphone sales.
In an investor briefing, the chief executive promised investors about the company’s long-term fixes and growth plan but is to disclose any details. He said that he understood how everyone expected him to show how the company could be turned into a profitable one, and that he knew they were expecting him to unveil a roadmap to growth.
Just last month, the company reported a slightly smaller loss highlighting that restructuring efforts are working, but results were dragged down by its Smartphone products low performance against budget companies in China.
Hirai added that the company, which is behind the Breaking Bad TV drama and Amazing Spider-Man movie, targets sales of up to $11B between 2014-2018, a figure higher by up to 36 percent as compared to forecast of only $8.1B this year.