Sony Pictures will shift its focus from films to the high-margin TV sector, a clear indication that India will stand to gain in importance.
Sony has been witnessing a revenue growth of 24% from its global portfolio of 127 channels serving 150 countries during the last 10 years. In India, Sony Pictures has a subsidiary, Multi Screen Media, which runs a clutch of entertainment channels including Sony Entertainment Television and SAB. It also has a sports channel, Sony Six.
The change in strategy has come in the wake of good performing shows like ‘Breaking Bad’ and ‘Better Call Saul’.
In an investor conference in California, Sony Pictures co-chairman Amy Pascal said that the movie slate would be reduced from 23 a year to 18. Sony Pictures had earlier stated that it would cut $250 million.