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Hot off the heels of the news of Nintendo's Q3 financial losses, Sony has revealed a surprising annual loss of $2.9 billion.

Having been outdone by competitors like Apple and Samsung, the company posted a net loss of $2.1 billion for the usually strong quarter between October and December, thanks to a strong yen, a poor economy, and supply chains ruptured by flooding in Thailand, among other things.

Kazuo Hirai, who will replace Howard Stringer as CEO in April, and who has been known for aggressive cost-cuts, said he wouldn't hesitate to cut back from businesses if they could not compete. "I have a very strong sense of crisis about the environment surrounding us," Hirai said at a news conference. "We cannot be afraid to make painful choices for the future of Sony. Our rivals and the operating environment won't wait for us."

In particular are Hirai's plans to revive the company's TV business. A crucial concept in his strategy relies on combing Sony's impressive number of entertainment properties (its singers, its film franchises, etc) with its electronics brands, in an effort to raise sales. 

Whatever Sony plans on doing, it has a rough road ahead of it. Do you think the company has what it takes to reclaim the innovativeness that led it through the 80's and 90's? Be sure to share your thoughts on the matter in the comment box below.

Source: Reuters

Peter Grimm A writer, journalist, and aspiring storyteller, Peter Grimm has been gaming since the days of the Nintendo 64, and reporting on the goings-on in the World of Gaming since late 2011. His base of writing operations is located within the void between Here and There, or so he would have you think.

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