During Sony Corporation’s annual corporate strategy meeting, Sony CEO Yoshida expressed his optimism about the Indian market, highlighting the country’s status as the most populous in the world. He emphasized that this demographic advantage presents countless opportunities for growth, particularly within the entertainment industry. Yoshida stated that India’s substantial population, coupled with its rich pool of creative talent, positions the media and entertainment sector for accelerated development.
According to a report published in The Economic Times (ET), Yoshida anticipates that the merger between Sony Picture Networks India (SPNI) and Zee Entertainment Enterprises Limited (ZEEL) will likely be finalized by the first half of the ongoing financial year, ending on March 31, 2024. The consolidation of these two major players in the Indian entertainment market is expected to further enhance growth prospects.
Yoshida further highlighted India’s prominence in the global film industry, noting that the country has consistently produced the highest number of films since 2005. He attributed this success to India’s innate creativity and artistic prowess.
The meeting also featured the presence of Sony’s President, Hiroki Totoki, who elaborated on the company’s entry into the Indian market. He highlighted how Sony initially focused on electronic products before expanding into the entertainment domain. Totoki emphasized that Sony’s entertainment division now surpasses its electronics business in India, demonstrating the sector’s significant growth and influence.
Moreover, Totoki discussed the performance of Sony Music Entertainment India, which currently holds more than 20% market share in the country. He emphasized Sony’s core philosophy of delivering emotional connections, or “kando,” to the world.
Overall, the CEO and President’s statements reflect Sony Corporation’s positive outlook on the Indian market, driven by the country’s population and its vibrant creative industry. The anticipated merger between SPNI and ZEEL, alongside Sony’s existing foothold in India’s entertainment and music sectors, positions the company to capitalize on the abundant growth opportunities in this promising market.
