Sony is all set to become the world’s number in music publishing, with its new deal.
Sony, the giant company from Japan has made a deal with EMI Music Publishing. This gives Sony, complete control to around 2 million songs by famous artists. It would make Sony the largest player in the music publishing industry.
The $2.3billion deal will give it a big boost in the entertainment sector. This includes songs from Beatles, Queen, Pharrell Williams, and many more from the 20th century. More recent hits from Fetty Wap, Drake, and Kanye West have also been adding fame to the company.
It has been a major step forward for Sony, says Mr. Yoshida who is the Chief Executive of the company after Mr. Kazuo Hirai. The deal was made, for a 60% holding by Sony in Mubadala, the Abu Dhabi-based firm. This deal will increase its stake in the company to 90%.
The move to sell its PC business was taken jointly by both the heads and helped to restore the company forward. Such major decisions like focusing on strong sectors, selling the weaker one and bringing down the number of employees, were other master-moves to bring back the company to greater heights.
The focus was to be made on entertainment, electronics and financial services, say sources from the company.
Of these, it is said that mobile phones, camera products, imaging, and entertainment products will be the most productive ones for the company. Entertainment had always been able to raise good revenue for the company. Streaming services that are subscription-based have been one of the best performing sectors for Sony.
Sony introduced the games console, PlayStation 4, which was a huge success. The company was able to show a 380 billion yen net profit for last year alone, which was a jump of about 300%.
