Sony to shift focus away from TV, smartphone business to more profitable divisions

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It was Samsung which recently announced its plans of trimming down its smartphone offerings by 25 per cent to 30 per cent beginning next year and following the footsteps of the South Korean electronics giant is Sony, which has reportedly decided to go for the same.

Sony is reportedly planning to streamline its TV and smartphone line-ups in a bid to cut out costs and earn profits. According to Reuters, the Japanese giant will shift its focus away from its TV and smart phone business in favour of more profitable divisions like video games and image sensors as part of a newly announced three-year plan.

Having lost consumer electronics market share to rival Samsung, Apple, Sony has realized that it’s time to shift its focus on quality and not quantity. The company’s aim now is to turn its TV and smartphone business into profit, even if it sales end up falling by as much as 30 percent.

”We’re not aiming for size or market share but better profits,” Sony’s new mobile chief Hiroki Totoki told investors at a recent conference.

As per the report, Sony is also not planning to renew its FIFA soccer sponsorship contract next year probably in an effort to cut costs and save money.

Meanwhile, the tech giant, under its new three-year electronics business plan, is aiming to boost sales for its videogame division by a quarter to as much as 1.6 trillion yen (€10.9 billion) through its personalized TV, video and music distribution services and increase sales of its devices division, which houses its image sensor business, by 70 percent to as much as 1.5 trillion yen (€10.2 billion).

Last week, the company also said that it was looking to increase its TV and film revenue by a third in the next three years.