RetroGamingUK
Member
The last time Sony was worth this much on the stock market, Bill Clinton was president and the PlayStation 2 was about to debut on American store shelves.
It’s been a rough past two and a half decades for Sony, the 78-year-old company that invented the Walkman and the PlayStation and had long been an icon of consumer electronics. It largely missed the boat on the mobile phone revolution, and while the PlayStation has been profitable, production costs for other electronics have risen while demand has softened.
But as opportunities arise in streaming, Sony is trying to transition from being a legacy consumer electronics company to an original content and entertainment company.
The strategy is working: In the past three years, Sony’s stock (SONY) has started to break out of a decades-long slump. Sony’s stock price in Japan recently closed at the first record high since March 2000, signifying confidence in the company’s ability to evolve its game offerings and steer itself toward entertainment, Damian Thong, a research equity analyst at Macquarie, told CNN.
“If you went back 30 years ago, it was an electronics company, so best known as a seller of hardware,” Thong said. “But today, the company is primarily generating profits off of entertainment, which is games, music and (TV and movies).”
Sony’s stock is up almost 18% in the past month, outpacing entertainment heavyweights like Disney and Netflix, and boosted from investors piling into the Nasdaq, which crossed 20,000 for the first time this week.
Glad to see Sony doing well as a company again, it seems like the late 00s and early 10s weren’t just a bad period for their PlayStation division.
When it comes to tech I’ve always appreciated their design, innovation and reliability, they’re right up there with Apple for me.
Now start delivering great games that don’t feature AstroBot again!
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