Sony Group Corporation is a Japanese multinational conglomerate headquartered in Konan, Minato, Tokyo. The company operates as one of the world's largest manufacturers of consumer and professional electronic products, the largest video game console company, and the largest video game publisher. As Sony Entertainment Inc., it is the largest music company (largest music publisher and second-largest record label) and third-largest film studio, as well as one of the most comprehensive media companies, surpassing size. Is the largest Japanese media conglomerate. Privately held, family-owned Yomiuri Shimbun Holdings, the largest Japanese media conglomerate by revenue.
Sony, with a 55 percent market share in the image sensor market, is the largest manufacturer of image sensors, the second-largest camera manufacturer, and one of the semiconductor sales leaders. It is the world's largest player in the premium TV market for television of at least 55 inches (140 cm), priced at over $ 2,500 as well as the second-largest TV brand by market share by 2020 and the third-largest television manufacturer in the world by annual sales figures.
Sony Group Corporation is the holding company of Sony Group which includes Sony Corporation, Sony Semiconductor Solutions, Sony Entertainment (Sony Pictures, Sony Music), Sony Interactive Entertainment, Sony Financial Holdings, and others.
The company's slogan is Be Moved.
Sony has a weak relationship with the Mitsui Group's successor Sumitomo Mitsui Financial Group (SMFG) Corporate Group. Sony is listed on the Tokyo Stock Exchange (in which it is a component of the Nikkei 225 and TOPIX Core30 indexes) with an additional listing in the form of US depository receipts listed on the New York Stock Exchange (traded since 1970, making it the oldest Japanese company to be listed on an American exchange), and was ranked 122 on the 2020 Fortune Global 500 list.
History
Tokyo Tsushin Kogyo
Sony debuted after World War II. In 1946, Masaru Ebuka started an electronics store in Shirokiya, a department store building in the Nihonbashi area of Tokyo. The company started with a capital of 190,000 Yen and a total of eight employees. On 7 May 1946, Ebuka was joined by Akiyo Morita to establish a company called Tokyo Tsushin Kogyo (Tokyo Telecommunications Engineering Corporation). The company made Japan's first tape recorder, called the Type-G. In 1958, the company changed its name to "Sony".
Name
When Tokyo Tsushin Kogyo was looking for a romanized name to market themselves, he strongly considered using his initials, TTK. The primary reason was not that the railway company Tokyo Kyuko was known as TTK. The company sometimes used the acronym "Totsuko" in Japan, but during their visit to the United States, Morita found that Americans had trouble pronouncing that name. Another early name that was tried for some time was "Tokyo Teletech" until Akiyo Morita discovered that an American company was already using Teletech as a brand name.
The name "Sony" was chosen for the brand as a mixture of two words: one was the Latin word "Sonus", which is the root of sonic and sound, and the other was "Sonny", a common slang term in the 1950s America to call a young boy. In Japan in the 1950s, "Sony Boys" was a loan word in Japanese to denote smart and presentable young men, considered by Sony's founders Akio Morita and Masaru Ebuka themselves.
The first Sony-branded product, the TR-55 Transistor Radio, appeared in 1955, but the company name did not change to Sony until January 1958.
At the time of the change, it was highly unusual for a Japanese company to use Roman letters to spell its name instead of writing in Kanji. The move was not without protest: Mitsui, the head bank of TTK at the time, had strong feelings about the name. He insisted on names such as Sony Electronic Industries, or Sony Teletech. However, Akio Morita was firm, as he did not want the company's name to be associated with a particular industry. Eventually, both
Ibuka and the chairman of Mitsui Bank gave their approval.
Formats and technologies
According to Schiffer, Sony's TR-63 radio "opened up the US market and launched a new industry of consumer microelectronics." By the mid-1950s, American teenagers had begun to purchase a large number of portable transistor radios, helping to propel the fledgling industry from an estimated 100,000 units in 1955 to 5 million units by the end of 1968.
Sony co-founder Akio Morita founded Sony Corporation of America in 1960. In the process, he was impressed by the mobility of employees between American companies, which was unheard of in Japan at the time. When he returned to Japan, he encouraged experienced, middle-aged employees from other companies to reevaluate their careers and consider joining Sony. The company filed several positions in this way and inspired other Japanese companies to do the same. In addition, Sony played a major role in Japan's development as a powerful exporter during the 1960s, 1970s, and 1980s. It also helped improve American perceptions of "Made in Japan" products. Known for its production quality, Sony was able to charge prices above the market for its consumer electronics and opposed lowering prices.
In 1971, Masaru Ebuka handed over the post of President to his co-founder Akio Morita. Sony started a life insurance company in 1979, one of its many peripheral businesses. Amid the global recession in the early 1980s, sales of electronics declined and the company was forced to cut prices. Sony's profits have fallen drastically. "It's over for Sony", an analyst concluded. "The company's best days are behind this." Around that time, Norio Oga played the role of president. He encouraged the development of compact discs in the 1970s and 1980s and PlayStation in the early 1990s. Oga bought CBS Records in 1988 and Columbia Pictures in 1989, expanding Sony's media presence. Oga will replace Morita as Chief Executive Officer in 1989. Under the vision of co-founder Akiyo Morita and his successors, the company had aggressively expanded into new businesses. Part of its inspiration for doing so was the discovery of "convergence", connecting film, music, and digital electronics via the Internet. The expansion proved to be unprofitable and unprofitable, threatening Sony's ability to levy premiums on its products as well as its brand name. In 2005, Howard Stringer replaced Nobuyuki Iidei as chief executive, marking the first time that a foreigner had run a major Japanese electronics firm. Stringer helped reinvigorate the company's struggling media businesses, encouraging blockbusters such as Spider-Man while cutting 9,000 jobs. He expected the peripheral business to sell and the company to focus on electronics again. In addition, he aimed to increase cooperation between business units, which he described as "silos" that were running in isolation from each other.
Sony Store in Markville Shopping Center, Canada
Despite some successes, the company faced continued struggles from the mid-2000s to the end. In 2012, Kazuo Hirai was promoted as president and CEO, replacing Stringer. Soon after, Hirai outlined his company-wide initiative named "One Sony" to revive Sony from years of financial losses and bureaucratic management structure, which proved difficult to accomplish for former CEO Stringer, Partly due to differences in business culture and native languages. Stringer and Sony include some Japanese divisions and subsidiaries. Hirai outlined three key areas of focus for Sony's electronics business, including imaging technology, gaming, and mobile technology, as well as a focus on minimizing major losses from the television business.
Sony Store in Nagoya, Japan
In February 2014, Sony announced the sale of its Vaio PC division to a new corporation owned by investment fund Japan Industrial Partners and spinning off its TV division to its corporation, from a previous loss of $ 7.8 billion to the unit. Made more agile to change than. More than a decade. Later that month, they announced that they would be closing 20 stores. In April, the company announced that it would sell 9.5 million shares in Square Enix (about 8.2 percent of the game company's total shares) in a deal worth about $ 48 million. In May 2014, the company announced that it was forming two joint ventures with the Shanghai Oriental Pearl Group to manufacture and market Sony's PlayStation game consoles and related software in China.
In 2015, Sony bought Toshiba's image sensor business.
In December 2016 it was reported by several news outlets that Sony was considering restructuring its US operations by merging its TV and film business, Sony Pictures Entertainment, with its gaming business, Sony Interactive Entertainment. According to reports, such a restructuring would have placed Sony Pictures under Sony Interactive CEO, Andrew House, although House would not have handled the day-to-day operations of the film studio. According to a report, Sony was set to make a final decision on the possibility of a merger of the TV, film, and gaming businesses by the end of its fiscal year in March of next year (2017).
In 2017, Sony sold its lithium-ion battery business to Murata Manufacturing.
In 2019, Sony merged its mobile, TV, and camera businesses.
On 1 April 2020, Sony Electronics Corporation was established as an intermediate holding company to own and oversee its electronics and IT solutions businesses.
On 19 May 2020, the company announced that it would rename Sony Group Corporation by 1 April 2021. Subsequently, Sony Electronics Corporation will be renamed Sony Corporation. On the same day, the company announced that it would replace Sony Financial Holdings, in which Sony already holds 65.06% of the shares, through a takeover bid to a wholly-owned subsidiary.
On 1 April 2021, Sony Corporation was renamed Sony Group Corporation. On the same day, Sony Electronics Corporation absorbed Sony Imaging Products and Solutions Inc., Sony Home Entertainment and Sound Products Inc., Sony Mobile Communications Inc. and changed its business name to Sony Corporation.
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