Tokyo-based Sony Corp. remained on a down hill slope as it continues to struggle in winning back Walkman’s industry reputation. This, as the company celebrated the music player’s 30th year anniversary on Wednesday.
According to Japanese media reports, Sony has lost some 98.8 billion yen or $1.02 billion in March, the ended of the company’s fiscal year. Reports also told that it is the electronics and entertainment company’s first annual loss in the span of 14 years.
According to analysts, Sony should now decide whether it will drop or re-adopt the Walkman brand, the name which gave rise to the Japanese company. To date, the first Japanese to make it globally has been receiving a beating in the music player market as Apple Inc.’s iPod continues to hold assault.
Tokyo business analyst Kazuharu Miura of the Daiwa Institute of Research said that the gap between sales of Walkman and iPod has been “definitive” and has grown extremely wider for Sony to make comeback.
The maker of Vaio laptops and cybershot phones and cameras was advised to concentrate on new technology unique to the company and leave the Walkman brand behind. Analyst said that untouched markets for Playstation 3 and PSP are the most viable option for the company if it wishes to save further losses.
News of PSP with cellular phone features is a big buzz in Japan. However, Miura said that “there is nothing new” with the brand as most of the gaming feature can now be seen in the market today. He added that he would not expect something new from Sony anytime soon.
Sony Chief Executive Howard Stringer hopes to save the company’s reputation and profitability by hiring new executives that will handle all the electronic and advertising aspect of the brand.
For the past 30 years, Sony Walkman has sold more than 385 million units worldwide. But Apple’s iPod has put a stop to the once mighty empire.
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