Once considered as one of the leading tech giants, Sony took a back seat a decade ago as Japan’s economy started to shrink. The company that failed to turn any profit between 2008 and 2015 – was at its worst in 2012 when it reported an annual loss of $6.4 billion.
At that time, many considered Sony a lost cause, but things started to turn around in 2016 after years of restructuring and investments into new technologies. Last year Sony reported the highest annual profit in 8 years. With tech giant started to grow in profits again under CEO Kazuo Hirai, the future looks more promising as Sony has a series of new products in line to surprise us all.
Moving Beyond Phones and TV
Sony is known for its phones, LCD TVs, and PlayStation, ranking tenth in the global mobile phone market and fifth in the world LCD TV market. But this is about to change as tech gurus at Sony are working on advanced diverse technologies that range from self-flying drones to smart leather.
With company’s finances back on track after years of slump, the management behind the tech giant is looking forward to pouring more money into research to experiment with new technologies. It is more than evident that Sony is getting back to its golden era, the time when it introduced must have gadgets for younger generation like Handycam and Walkman.
To seek fresh ideas from the company’s employees, Sony allowed junior employees to pitch new product ideas under Sony Accelerator Program that led to 12 new products being finalized.
So what are the products we can expect from the Sony in coming years?
Out of the 12 finalized product ideas, one of the most exciting is Smart Leather. These chip-embedded leather wrist straps come with latest digital capabilities like tracking and digital payments. Tech gurus at Sony are also working on Smart Watches that are also attachable to the smart leather and metal wrist wraps. The concept behind these products is to develop wearable electronic products.
Another innovative product Sony is now producing is Aromastic, which is only available in Japan for now. The small lipstick-sized product dispenses off five different scents that help users simulate thinking.
Some other products that Sony tech Gurus are working on under Sony Accelerator Program are Self-flying drones, digital clock, robot toys, recording tools for concert halls, a smart remote control that combines multiple remote controls into one, and electronic paper watches.
Even though some of these products that are now out in the market are not making a lot of revenue for Sony but the good news is that Sony is again looking forward to spending more on new and innovative products– something it was once known for.
In addition to new tech products, Sony is also diversifying its investments into new online ventures under the same program. One such example is its online property brokerage, Sony Real Estate Corp. that was initiated in 2014. Another such example is A10 Lab Inc. that develops productivity mobile apps.
Even though all these initiatives by Sony looks very promising but we still have to wait and see if these products make financial sense for Sony, or if the company can boost its profits in coming years.