During an annual meeting, Sony Corporation CEO Kenichiro Yoshida made an exciting announcement regarding the highly anticipated merger between two major broadcasting conglomerates in India, Zee and Sony. Yoshida revealed that the merger is likely to be completed by September of this year.
Yoshida expressed his optimism about the combination of Sony and Zee Entertainment Enterprises Limited (ZEEL), citing India’s vast population and abundant creative talent as factors that position the media and entertainment sector for rapid growth. He described India as a “creative country” and emphasized the potential for expansion, particularly in the entertainment industry. Sony has earned a reputation as a top film producer since 2005 and sees India as a promising market.
The CEO also highlighted India’s youthful demographic, with 50% of the population being under the age of 30. He emphasized the significant growth opportunities in India, specifically in genres such as anime and gaming, which resonate well with the young population.
Sony’s President, Chief Operating Officer, and Chief Financial Officer, Hiroki Totoki, added that while electronics were initially the company’s main focus when venturing into India 25 years ago, entertainment now offers even greater potential in the Indian market.
N P Singh, the Managing Director and CEO of Sony Pictures Networks India (SPNI), also spoke at the gathering and emphasized the expansion of the Sony group’s operations in India, acknowledging the growth potential in the market.
Singh mentioned the signing of a deal in 2021 to combine Zee and SPNI, which, upon completion, would enable increased production of engaging content and foster stronger connections with various communities in India. However, regulatory permissions need to be obtained before the acquisition can be finalized.
Furthermore, Sony is collaborating with Sony Music India to provide Indian artists and producers with opportunities to collaborate and establish international connections. This led to the establishment of Sony Entertainment Talent Ventures India in 2022.
Overall, the announcement made by Kenichiro Yoshida during the annual meeting showcased Sony’s commitment to expanding its presence in India’s media and entertainment sector through the merger with Zee, recognizing the country’s vast potential for growth and the importance of engaging with the Indian audience and creative community.
