Sony is back to highs it hasn’t seen since 2000.

Once an electronics hardware powerhouse, Sony now makes 60%+ of its revenue from games, music and film (vs. 20% in 2010).

Valued at ~$120B, it spent $10B+ on media assets in the past decade including:

▫️Music catalogs: $5B+ on EMI Music and catalogs for artists including Michael Jackson, Bruce Springsteen, Bad Bunny, Bob Dylan and Paul Simon (under Sony Music Group, which gets royalties from music streamers).

▫️Crunchyroll: $1.2B for leading anime streamer.

▫️Gaming: $3.7B for Destiny 2 game publisher Bungie and $300m for a 10% stake in Elden Ring creator Kadokawa (to bolster PlayStation).
 
Unlike many film studios, Sony never launched its own dedicated streaming service and happily licenses content as an “arms dealer” (Spider-Man, Men In Black, Ghostbusters, Karate Kid/Cobra Kai). 

The gaming division could have a big 2025 with Rockstar finally dropping GTA 6 (and Sony’s own in-house Ghost of Yotei). 

Annual sales is in $85-90B range and the steady media assets balance out its electronic manufacturing (imaging, chips, TV, camera) and a financial arm. 

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BBG on its 2024 rally:Revenue Mix:Music M&A: