With 350M Sony networked devices including TV sets and PlayStation game consoles expected to be in the market over the next two years “right now that integration has never made more sense,” Sony Corp Of America CFO Rob Wiesenthal told investors at the UBS Annual Global Media and Communications Conference. ”The momentum is there and the capability is there. …You want to maximize the value of all these assets by keeping them together.” He says that the company is approaching $1B in revenue this fiscal year from its PlayStation Network and Sony Entertainment Network. He’s also optimistic about the recent Sony/ATV deal to pay $2.2B for EMI’s music publishing operation which includes rights to 1.3M songs. The plan is still a little mysterious. “We’re coming up with a structure that we haven’t disclosed yet” to make music publishing a separate company. Still, he notes that “music publishing rights are a critical element of any music business” — with revenues that can come from just about any show or device that plays tunes. He also says that he’s encouraged by prospects for the overall music industry, even though it’s just a shadow of its former self. He says that music video site VEVO “is worth a fortune” and adds that “you’ll see music companies incubate new services.” He notes that “a lot of our business now is related to TV” through shows such as The X Factor and America’s Got Talent. In addition to crowing about music, Wiesenthal continued Sony’s cheerleading for new video distribution strategies such as its sale of digital downloads of films including Bad Teacher and 30 Minutes Or Less prior to their release on DVD and Blu-ray.
By DAVID LIEBERMAN, Financial Editor | Tuesday December 6, 2011 @ 7:43pm ESTTags: 30 Minutes Or Less, America's Got Talent, Bad Teacher, EMI, Sony, Sony Music, Sony Pictures Home Entertainment, The X Factor
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This article was printed from http://www.deadline.com/2011/12/sony-exec-defends-combination-of-technology-and-entertainment-ubs-confab/
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