Sony looks to dial up music play
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Mumbai: Sony Group Corporation is seeking to grow its music business in high-potential markets such as Latin America, India and other parts of Asia, according to a senior company executive.The Japanese conglomerate, a consumer electronics company, has transformed itself into an entertainment giant straddling games, music, film and television.Sony is evaluating additional strategic investments in select areas of its business and in music catalogues, aiming to strengthen revenue streams and asset value. Entertainment accounted for 61% of Sony's consolidated sales in FY24, up from 30% in FY12. India's $30 billion media and entertainment sector is one of the fastest growing markets globally. "Over the last several years, our business direction has shifted towards entertainment. The decision to lean more heavily into this space was driven, of course, by the strength and growth of our entertainment businesses," said Sony president and CEO Hiroki Totoki during company's corporate strategy presentation on May 14 in Tokyo. Totoki took over as CEO last month.In India, the group operates its entertainment business through Sony Pictures Networks India (SPNI), which is its largest media business globally, and Sony Music Entertainment India (SMEI), its television and music businesses, respectively. Crunchyroll, its anime streaming platform, also has a key presence in India. The music arm holds a 20% share of the Indian music market Beyond organic expansion and acquisitions, Totoki said Sony Group is also looking at strategic investments in content, music catalogues and growth areas such as anime, including India. The company is focusing on expanding its IP portfolio through biopics, documentaries and live events, while also exploring the use of AI in ways that respect artist rights.
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