Sony is making what it calls a “significant” shift into producing more quality TV shows, such as its popular drama Breaking Bad, and is moving away from blockbuster films as part of a drive to save $250 million.
Sony said it will make around 18 movies a year instead of 23 at its Columbia Studios arm. “No cost is too sacred to cut,” warned Michael Lynton, boss of Sony’s entertainment division, which has had a mixed record on movies from hits including Spider-Man and Cloudy With A Chance of Meatballs to costly flops such as White House Down.
Sony’s TV push would seem to be a nod towards the success of online rivals such as NetFlix, which is heaping pressure on the cinema business as consumers watch more content at home.
Cutting costs in the division is part of CEO Kazuo Hirai’s plan to boost profit and keep full ownership of the movie, TV and music businesses. Active investors are very lobbying for a split with electronics