Business / Companies

Sony taps high-end segment for growth

By Wu Yiyao in Shanghai (China Daily) Updated: 2014-10-25 08:37

Sony Corp Ltd is altering its growth strategy for China to focus on the high-end market and younger consumers, its President and Chief Executive Officer Kazuo Hirai said in Shanghai on

Sony taps high-end segment for growth

He said its entertainment arm will be the pillar of its business in China, and the Japanese electronics giant's best-seller PlayStation 4 will be introduced to the market soon.

Sony is creating a joint venture with Shanghai Oriental Pearl (Group) Co Ltd, based in China (Shanghai) Pilot Free Trade Zone, in preparation of the Playstation's arrival.

Andrew House, president and group chief executive officer of Sony Computer Entertainment, said the venture will be responsible for the production, sales, research and development of the hardware and software for PlayStation gaming consoles.

More than 10 million PlayStation 4s had been sold by the end of August, according to House. But he gave no details on how the products will be priced, or when it will be introduced to China.

Sony Corp's combined sales revenue hit $74.5 billion in the financial year ending March 31, 2014. Nobuki Kurita, president of Sony (China) Co Ltd, said the new strategy and the new products would help solidify and strengthen China as the main contributor to the company's overall growth.

Kurita said Sony's music player Walkman series of products are expected to see sales grow by a record 40 percent in China this year.

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