Here’s some bad news for Sony fans: the company is currently struggling financially, big-time. However, there is a silver lining: the firm is reportedly depending on its video game sector to help revive declining revenue, giving gamers hope that the PlayStation 4 will be one mighty machine and that it can get the once-mighty tech giant back on track.
According to new reports from the BBC, late last week Sony shares on the Tokyo Stock Exchange hit their lowest point in more than three decades, plummeting an incredible 6.7 per cent to roughly $14 USD.
For the record, thirty years ago Sony’s Walkman portable cassette player was its most renowned product. It would be a decade and a half before the company entered the video game market with the first PlayStation.
Sony’s stock disaster is actually a reaction to news from earlier in the week, when the company revealed an annual loss of an astounding $5.71 billion. That hasn’t left investors or analysts confident in the Japanese firm.
“Sony is facing a lot of difficulties and the new president has not been able to produce a clear plan as to how he will turn around the company,” said Fukoku Capital Management analyst, Yuuki Sakurai. “Even the little that investors have heard, they are not very impressed with.”
For now, it appears Sony will be hoping that its video game division can help get it out of trouble. In April the firm revealed a recovery plan called “One Sony,” which calls for heavier investment in the PlayStation and PS Vita, a restructuring of the company’s television division, the creation of completely new products, and the optimization of existing resources.
“One Sony” indicates that we can expect big things from the PlayStation 4. Though we don’t know much about Sony’s next home console, with rumors of an Xbox 720 entering production it’s likely that a PS4 could see a launch in the next 1-3 years.