Latest news with #Totoki
Time of India
16-05-2025
- Business
- Time of India
Sony looks to dial up music play
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel 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 Japanese conglomerate, a consumer electronics company, has transformed itself into an entertainment giant straddling games, music, film and 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 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.
Japan Today
14-05-2025
- Business
- Japan Today
Sony's profits rises on robust performance for music, movies and games
FILE - A logo of Sony is seen at the headquarters of Sony Corp. on May 10, 2022, in Tokyo. (AP Photo/Eugene Hoshiko, File) By YURI KAGEYAMA Japanese technology and entertainment company Sony Corp logged an 18% rise in profit for the fiscal year through March on healthy results at its music and video-game operations. Its chief executive, Hiroki Totoki, outlined the company's strategy for growth Wednesday, stressing that collaboration among Sony's various segments, like animation and music, were crucial to deliver the 'kando,' or emotional engagement, that lies at the core of the company's vision and strength. 'Building on our momentum and results to date and working with a laser-like focus to realize our long-term Creative Entertainment Vision will be at the core of our corporate strategies moving forward,' he told reporters. Sony's movies division has strong offerings in the pipeline, including Spider-Man films and biopics about The Beatles, while animation remains a driver of growth centered around the popular anime streaming service Crunchyroll, Totoki said. Tokyo-based Sony reported a record annual profit of 1.14 trillion yen ($7.8 billion), up from 970.6 billion yen in the previous fiscal year. Annual sales were virtually unchanged, inching down to 12.957 trillion yen ($88 billion) from 13.020 trillion yen. One area that lagged among Sony's sprawling businesses was the financial segment, where revenue stalled. But its film division and its imaging and sensor solutions segment did well. Sony officials said they were studying how to respond to President Donald Trump's tariffs, although that was a challenge because of uncertainties and constant changes. But they said the negative impact from U.S. trade policy will be kept to 10% of Sony's operating profit in the coming fiscal year by adjusting the allocation of shipments, among other measures. Totoki stressed that Sony plans to leverage its content creating technology, like virtual reality and image sensors, to feed into its entertainment products, including working on immersive experiences. Sony also has powerful collaborative relations with various entertainment companies like Kadokawa, which includes publishing as well as films and animation, and Bandai Namco, a video game maker, he added. Sony will emphasize the 'diversity' of its workers, helping bring out people's creative potential, Totoki said. Among the Sony movies that fared well at the box office for the fiscal year through March were 'Venom: The Last Dance,' featuring the Marvel Comics superhero, and 'Bad Boys: Ride or Die,' an action comedy, where Will Smith and Martin Lawrence return in their popular cop roles in the fourth installment in the series. Sony, which makes the PlayStation console and game software played on that machine, also posted healthy results in the gaming business. Its music operations, which also held up, include recordings, streaming services and music for games. The top-selling recorded music projects for the latest fiscal year globally was SZA's 'SOS Deluxe: LANA,' followed by Beyonce, Future & Metro Boomin and Travis Scott. The top seller in its Japan music business was Kenshi Yonezu's 'Lost Corner' album, followed by offerings from Stray Kids and Six Tones. For the January-March quarter, Sony posted a 197.7 billion yen ($1.3 billion) profit, up 5% from 189 billion yen the same quarter in the previous fiscal year. Sales were 2.6 trillion yen ($17.7 billion), down 24% from 3.48 trillion yen. Sony is forecasting a nearly 13% drop in profit for the fiscal year through March 2026, to 930 billion yen ($6.3 billion), on 11.7 trillion yen ($80 billion) sales, down 2.9% on-year. Sony Group Corp stocks, which fell in Tokyo morning trading, rebounded to finish 3.7% higher after its financial results were announced. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Yahoo
14-02-2025
- Business
- Yahoo
Sony Shares Soar on Solid Momentum in Games and Buyback Hopes
(Bloomberg) -- Sony Group Corp.'s stock climbed as much as 11% in Tokyo on Friday, the most since August, after the entertainment group raised its profit and revenue outlook on growing momentum for its entertainment businesses. Can Portland Turn a Corner? Why American Mobility Ground to a Halt SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says A surprise burst in demand for the PlayStation 5 over the holiday quarter helped the company to beat expectations of an operating profit drop and prompted a lift of its forecasts. Sony now expects ¥1.08 trillion ($7 billion) in net income in the year to March, 10% higher than previously, the Tokyo-based company said on Thursday. A yearslong spending spree on content is now paying off for Sony, whose flagship console is in its fifth year on the market and being sustained by the popularity of an expanding portfolio of games. Sony sold 9.5 million units of the PlayStation 5 in its fiscal third quarter and reported a record number of PlayStation online subscribers for any console generation, now at 129 million. 'The PS5 has now beefed up its library of games and broadened its user base,' Morningstar Research Director Kazunori Ito said. 'This should guarantee profit generation in the next fiscal year and the year after that.' Sony's earnings are also getting a boost from its music segment, with streaming services lifting revenue from both recorded music and music publishing. The company's music operations, which also house smartphone games and anime publishing, were further helped by the continued popularity of such offerings outside Japan. Along with its earnings, the tech conglomerate, whose shares had been flat from the start of the year, announced a facility to buy back as many as 30 million shares, or 0.5% of its outstanding stock, worth as much as ¥50 billion through May 14. In January, Sony announced the promotion of Chief Financial Officer Hiroki Totoki to the chief executive post from April, tasking him with expanding the company's entertainment portfolio. Totoki, 60, has overseen Sony's expansion into ventures beyond the console, such as PC gaming accessories. In 2024, the company was active in pursuing mergers and takeover deals to grow its entertainment lineup. It was one of the bidders for Paramount Global, expressed interest in acquiring Japanese content house Kadokawa Corp. and eventually mothballed a merger with India's Zee Entertainment after disagreements over leadership. Totoki's ascension marks continuity for Sony, which may further retreat from its effort to expand into live-service games. The most notable of those projects, Concord, failed spectacularly and was axed within two weeks of release. The company also reorganized leadership of its gaming divisions, putting Hideaki Nishino in sole charge of the pivotal game and network services business, while Hermen Hulst will oversee the game studio division. The entertainment group last quarter launched PlayStation 5 Pro, a high-priced, high-performance version of the company's flagship game console. That's helped build bigger-than-expected momentum for console sales in the December quarter, Totoki said. This year, Sony awaits blockbuster titles including Capcom Co.'s Monster Hunter Wilds and Rockstar Games Inc.'s Grand Theft Auto VI. 'The strong games we have lined up will help build on the PS5's current momentum into the next fiscal year,' Totoki said. (Updates with shares reaction) Japan Perfected 7-Eleven. Why Can't the US Get It Right? Elon Musk's DOGE Is a Force Americans Can't Afford to Ignore How Silicon Valley Swung From Obama to Trump How Oura's Smart Ring Bridged the Gap From Tech Bros to Normies The Game Changer: How Ely Callaway Remade Golf ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
29-01-2025
- Business
- Yahoo
Sony's Totoki takes CEO role, cementing leadership position
By Sam Nussey and Kantaro Komiya TOKYO (Reuters) - Sony Group President Hiroki Totoki will add the CEO role from April 1, while incumbent Chairman and CEO Kenichiro Yoshida will remain as chairman, the entertainment and technology conglomerate said. The moves cement the leadership of Totoki as Sony, once famous for its consumer electronics such as the Walkman, pushes to strengthen its position in entertainment. Yoshida is credited with helping to have engineered the shift. Shares in Sony, whose business includes movies, music and image sensors, climbed 3.6% following the announcement, outperforming a 0.9% rise in the broader Tokyo market on Wednesday. Totoki assumed the president's post in 2023 and has also served as finance chief of the company. He already helms Sony's earnings briefings and took the role of chairman of the key gaming unit behind the PlayStation 5 console as it took steps to improve margins. "He spearheaded growth strategies for the Sony Group, such as our investments in content IP and semiconductors, and is a leader capable of shaping our vision and strategy for future growth," Yoshida said in a company statement. Lin Tao will become the first woman to serve as chief financial officer, after serving as an executive at the games business, with Hideaki Nishino to become CEO of that unit after serving as head of the technology side of the business. Under earlier gaming chief Jim Ryan, Sony successfully launched the PlayStation 5 but also made an ambitious push into live service games and acquired developer Bungie for $3.6 billion in 2022 at a time of heightened industry dealmaking. "With new leadership in place, and broader Sony in efficiency mode, we expect lower 'M&A costs' at Bungie - and cost reduction elsewhere - to be areas where PlayStation can under-promise and over-deliver," Bernstein analysts wrote in a client note before the announcement. While the games business has been grappling with a shortage of high profile titles, the pipeline includes "Ghost of Yotei" with "Grand Theft Auto VI" expected to boost the industry. "We are positive for the next 1-3 years given a rich (software) pipeline," Jefferies analyst Atul Goyal wrote in note this week, adding "there is a question over long-term growth." The company's entertainment ambitions were underscored last year when Reuters reported Sony was in talks to acquire media powerhouse Kadokawa and eventually agreed to a capital tie-up. Sign in to access your portfolio
Yahoo
29-01-2025
- Business
- Yahoo
Sony Corp Promotes Hiroki Totoki To CEO As Part Of Corporate Restructure
Sony Group Corporation on Thursday said that it has promoted president, COO and CFO Hiroki Totoki to CEO after being approved unanimously in a meeting of Sony's board. Kenichiro Yoshida, who had been chairman and CEO, remains chairman. Both new roles take effect April 1. More from Deadline Sony Shocker: Tony Vinciquerra Stepping Down As CEO; Ravi Ahuja To Succeed Him Crunchyroll Unveils 'Ghost of Tsushima' Video Game Adaptation, Plans New Manga App As Add-On For Subscribers Sony Pictures Entertainment Q2 Profits Slide To $124M; Impact From Hollywood Strikes Cited Yoshida has been president and CEO since April 2018, while Totoki was appointed President and COO in April 2023. Yoshida said in Sony's press release that he proposed Totoki to the board as his successor, and talks have been ongoing 'for some time.' 'I am incredibly honored and humbled to have been entrusted with the important role of President and CEO,' Totoki said. 'At the same time, I am looking forward to working as CEO with our approximately 110,000 employees to further evolve and grow Sony.' Sony said April 1 will also be the date it implements other changes to its management structure. As part of those moves, which clarify roles across each business, Hideaki Nishino will become sole president and CEO of Sony Interactive Entertainment, and Hermen Hulst will become CEO, Studio Business Group, Sony Interactive Entertainment, in charge of Game Studio Business. Other new positions at Sony Corp include Yasuhiro Ito in the newly created role of Chief People Officer, in charge of Human Resources; General Affairs; the Corporate Executive Office; and Lead of Group Diversity, Equity & Inclusion. Lin Tao was named CFO. The restructure finalized today already includes the addition of Ravi Ajuja as Officer in charge of Sony's Pictures Business. He became President and CEO, Sony Pictures Entertainment, at the beginning of the year after SPE chairman and CEO Tony Vinciquerra stepped down. Other Sony Corp execs in the media and entertainment space continuing in their roles include Rob Stringer, Chairman, Sony Music Group and CEO, Sony Music Entertainment; Kimio Maki, President and CEO, Sony Corporation in charge of Entertainment, Technology & Services Business; and SVP Corporate Communications Robert Lawson. Best of Deadline How to Watch The 67th Annual Grammy Awards Online And With Cable 2025 Awards Season Calendar: Dates For Oscars, Spirits, Grammys, Tonys, Guilds & More The 2025 Oscars: Everything We Know So Far About The Nominations, Ceremony, Date & Host Sign in to access your portfolio
