During the conference, Vinciguerra said that he expects to see major studios’ ranks shrank from six to just three or four in the next few years, pointing at the upcoming finalization of Disney’s acquisition of 21st Century Fox’s assets.
“If we don’t grow, we will be somebody’s purchase. I didn’t take the job to do it for a year and sell the company,” Sony’s chief told conference moderator Soledad O’Brien.
Vinciguerra only became the Song Chairman last year, and his goal has been to reorganize the executive team and to stress to everyone on the Culver City lot that the company needs to have growth in the market for its film and TV products.
He said: “[Coming in, there was pressure to] create a sense of urgency and making sure people are aware the business is changing rapidly, If we’re not on our toes, we’re not going to be in business very long.”
Part of the stress for these studios at this point is growing competition from what they call the FAANG field which is Facebook, Apple, Netflix, Amazon, and Google. Those companies which people didn’t take seriously when they first started have become juggernauts in the entertainment field and have now taken over a large segment of the market and could very well kick Sony out of business describing Sony as a “tiny little minnow fighting against all these gigantic companies.”
In the meantime, Sony is trying to stay competitive as possible. By allowing Marvel to use Spider-Man in the Avengers franchise, they’ve indeed opened up their revenue a bit, and their next movie Venom which comes out on October 5, 2018, and stars Tom Holland is expected to be great for the studio.
All we know is we hope Sony can pull through there’s something kind of sad about seeing these once amazing studios get bought up into single giant corporations.
Do you think Sony can survive the competition? Or do you think they’ll have to sell eventually? Let us know your thoughts in the comments below.