By Manas Tiwari
Sony India is gearing up for a major growth phase, driven by an evolving product mix, rising demand in premium audio and imaging categories, and a renewed focus on creating new markets. In an exclusive interaction, Sunil Nayyar, Managing Director of Sony India, spoke at length about the company鈥檚 performance in FY24, emerging opportunities, product strategies and the vision to cross Rs 10,000 crore in revenue in the next two to three years. Right now, televisions remain Sony India鈥檚 biggest revenue contributor 鈥 accounting for 55-60 pct company鈥檚 business in India while audio is quickly emerging as a key growth driver. 鈥淎udio as a category has taken a big leap,鈥 Nayyar said, pointing to the rise of soundbars, party speakers, and Bluetooth devices. 鈥淪oundbars, in particular, are doing phenomenally well.鈥 Sony aims to grow its soundbar business by 25% this year and has an ambitious goal of capturing 50 pct market share in the Rs 20,000 to Rs 50,000 price band. 鈥淲e are targeting a jump in market share from the current 37% to 50% in this category by launching new products,鈥 Nayyar said. With this in mind, the company has launched two new soundbars in India 鈥 Bravia Theater Bar 6 and Bravia Theatre System 6. While Theater Bar 6 is a 3.1.2ch soundbar and comes with a wireless subwoofer, the Theatre System 6 is a 5.1ch home theatre system with a dedicated subwoofer as well as wireless rear speakers. Both of these soundbars are priced under Rs 50,000 in India. The overall audio contribution to Sony鈥檚 revenue currently stands at about 15 pct. From TV Dominance to Balanced Portfolio Four years ago, televisions accounted for nearly 80 pct of Sony India’s business. Today, the share has reduced to just over 55%, as categories like audio and digital imaging begin to grow. 鈥淥ur portfolio is looking much more balanced now,鈥 Nayyar said. The shift in the TV segment itself is also evident. While the overall TV market in India is not growing rapidly, the premium segment is seeing solid momentum. 鈥32-inch TVs are shrinking, and even 43-inch is stable but not growing. The real growth is happening in the 55-inch and above segment,鈥 he said. According to Nayyar, large-screen categories like 75-inch and 85-inch models are growing at 25-40 pct annually, while 65-inch TVs are starting to plateau. The 55-inch category, now seen as the new entry-level premium size, is expected to witness the biggest jump in unit sales. While FY24 proved challenging for the overall consumer electronics industry, Sony India still managed a respectable double-digit growth of around 10 pct. 鈥淚t was a tough year, but we grew across most categories,鈥 Nayyar said. For FY25, the company is again targeting a similar double-digit growth trajectory. Sony India ended FY24 just shy of its Rs 8,500 crore revenue target. However, the company is confident about crossing that mark in FY25 and has set its sights on reaching Rs 10,000 crore in revenue within the next two to three years 鈥 effectively hitting the billion-dollar mark. 鈥淭hat鈥檚 our mid-term vision,鈥 Nayyar confirmed, adding that this growth would be driven by 鈥渟trong category performance, support from Tokyo, and continued market expansion.鈥 The Imaging Push Digital imaging is another pillar of Sony’s future strategy. Currently contributing around 20-22 pct of revenue, the segment is poised for further growth. While Sony already commands a dominant 70 pct market share in India鈥檚 booming wedding photography segment, it is now setting its sights on expanding into wildlife, fashion, and hobbyist markets. 鈥淢any people still associate cameras with weddings, but we want to change that mindset,鈥 Nayyar said. 鈥淲e want Indian consumers to take cameras on family vacations, like they used to with Cyber-shot models.鈥 Interestingly, Nayyar noted that Indian consumers in the US already prefer Alpha cameras for holidaying, something he hopes to replicate in India. 鈥淭here鈥檚 a cultural shift needed, and we believe we can drive it,鈥 he added. Sony also plans to expand retail channels, introduce new imaging products, and launch demand creation activities in previously untapped markets. Get Latest News live on Times Now along with Breaking News and Top Headlines from Technology Science and around the world.