After launching a number of new stores in Japan, Sony has taken steps to returning to its former glory. The once dominant electronics giant has suffered some heavy blows of late. The launching of new stores, as well as new product lines are part of their initiative to regain their position as a top developer of consumer electronics.
Sony once had sure footing in a number of electronics markets with its PlayStation system and Walkman music players but has recently suffered from the rise of other popular electronics. In a NY Times article, analyst and author of the book “Sony’s Sickness” Akihiko Jojima stated that “Sony once hit home runs, but now it’s lost its touch.”
The iPod has dominated digital music players (once Sony’s territory), while the PlayStation as well as the PSP have taken a back seat to the Nintendo Wii and DS. Sony is also being dominated in flat panel TV sales, with Samsung now leading the way in the market.
It has been a tough road for Sony but according to Sony senior vice president Yoshihisa Ishida, the company is poised for a rebound. Ishida stated “We will go on the offensive in 2010.” With the launching of a new line of 3D TV’s in June, as well as the work they are doing with Google for Google TV, the company is showing promise.
For the first time since the downturn in the economy Sony’s finances are finally improving. In the final quarter of 2009, Sony defied expectations with a sevenfold increase in profits to $853 million. That combined with the new initiatives the company is taking on, Sony is on its way to regaining ground amongst its competition.
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