Kazua Hirai, less than two weeks after becoming the CEO of Sony, spoke in his first public briefing. He outlined Sony's new strategy to turn the company around, after four years of being in the red. Sony is set to focus on smartphones, video games and cameras.
"I am determined to transform and revive Sony. This is our only chance to change," said Hirai. "We cannot shy away from difficult decisions," Hirai said referring to the 10,000 job cuts.
Hirai, who revived Sony's gaming business plans to have the division work to his advantage. He wants to raise revenue in the division by one fifth to $12.4 billion over three years. He outlined a plan to integrate its PlayStation Network into all of Sony devices. This will replace Sony's current three online platforms into one unified platform.
Sony's television business has lost money for eight straight years, reaching $10 billion in losses. Sony will offer fewer models and aims to cut its fixed cost by 60 percent and operating cost by 30 percent in the next couple of years.
Hirai wants to make Sony a leading player in mobile phones, who recently bought out Ericsson's half of their smartphone venture for $1.5 billion. He expects revenue for Sony's mobile business to reach $22.2 billion in the next three business years.