Sony Targets Strong Gains in Movie, TV Business

TOKYO: Sony Corporation has set new financial targets for its film and TV business, aiming for revenues of between $10 billion and $11 billion for the fiscal year ended March 2018, up from the projected $8.1 billion forecast for the current fiscal year ending in March 2015.

The Japanese conglomerate has also upped its cost-savings target for Sony Pictures Entertainment to $300 million from $250 million. The company says these cost savings will be realized by the end of fiscal 2016.

According to wire reports, Sony CEO Kazuo Hirai told investors at a briefing in Tokyo today, “The entertainment business is an extremely important part of Sony. While it may seem like electronics is Sony’s main business and entertainment a sideline occupation, the entertainment business has been profitable for 18 straight years, delivering steady earnings.”