Japanese tech company Sony Corp to restructure its TV and smartphone product lineup.
Sony Corp plans to cut its TV and smartphone product lineup over the next three years in order to cut costs. As per reports, the company is currently relying on its booming multi-billion dollar sales for PlayStation 4 and its image sensor businesses.
In a bid to reach better profits, while also capping costs, not only is the company slashing costs across certain divisions, but is also not renewing its FIFA soccer sponsorship next year.
According to the firm’s three-year business plan, Sony is reportedly aiming to boost sales for its video game division by at least $13.6 billion, with the aid of personalized TV, video and music distribution services, which should lift revenue per paying user.
The company expects its image sensor business to increase 70 percent to as much as 1.5 trillion Yen. Currently, Apple is using the company’s sensors in its iPhones ,while Chinese handset manufacturers are also increasingly adopting them.
Similarly, for its entertainment units, the company is aiming to increase its movie and TV programming revenues by a third by 2017. Sony has been making heavy losses as it has lost ground to Apple and Samsung in the TV and smartphone market.
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