4th July 2020, Kathmandu
With the start of the new financial year in April 2021, Sony Corporations will change its name to “Sony Group”. The shareholders of the giant company have approved the proposal to change the company name.
Sony is making such a decision for the first time in over 62 years. In 1958, Sony’s original name was “Tokyo Telecommunications Industry Co. Ltd” which later changed into “Sony Corporation”. To represent co-founder Shoda Morita’s ambition of a global brand, the company renamed itself into “Sony”.
Why the change in the name now?
Sony’s present chief executive Kenichiro Yoshida believes that the new changes will lead the company to the next new stage.
What does that mean?
The main goal behind the name change is to broaden Sony’s identity positioning! Sony’s main business is electronic development. However, the rebranding of Sony means it will increase its efforts in other business sectors such as financial services and place these business models on par with electronics.
Besides, the diversified business model of Sony has its benefits as well. Sony will now be focusing on games, music, movies, and other entertainment businesses. We believe that at the times of the coronavirus epidemic, the new business models can help meet the needs of consumers who prefer to stay home. Likewise, it will also help offset the losses in the sales of electronic products.
Do you think Sony’s name change is a smart move? Was it necessary to shift from Sony Corporation to Sony Group?
Leave us your thoughts as well.