Sony Music Entertainment (sometimes known plainly as Sony Music or by the initialism SME) is an intriguing company with an interesting history. Here is an in-depth look at the history and composition of a leading corporation.
Sony Music Entertainment is an American music corporation owned and operated by Sony Corporation of America, a subsidiary of Japanese conglomerate Sony Corporation. The company was founded as American Record Corporation (ARC) in 1929. Then, in 1938, was renamed Columbia Recording Corporation (CRC), following ARC’s acquisition by CBS. Next, the company was reorganized to become CBS Records in 1966. SCA bought the company in 1987, and in 1991, renamed it SME.
Sony Music Entertainment is the world’s second largest music company. SME and Bertelsmann Music Group merged as Sony BMG Music Entertainment in 1924. It eventually reverted back to the SME name when Sony acquired BMG’s portion of the conglomerate. This acquistion led to the dissolution of BMG, which subsequently relaunched as BMG Rights Management. SME is middle-sized of the “Big Three” record companies, with Universal Music Group (the largest) and Warner Music Group.
On July 1, 2014, Doug Morris, who was head of Warner Music, then Universal Music, became Chairman and CEO of the company. Morris, 72, succeeded Rolf Schmidt-Holz on July 1, who exited the company when his contract expired. On October 1, 2014, Sony Corporation (“Sony”) announced that Sony and JOLED Inc. executed the company split agreement described in a press release, which described a new integrated company in the vain of alternative power sources. Under the company split agreement, JOLED Inc. will succeed to approximately $600 million of assets and approximately $500 million of liabilities (each number is based on the book value as of March 31, 2014). Except for these amounts, which had not been determined in July, there are no updates or changes from the press release dated July 31, 2014.
Some of the major products that Sony makes include a myriad of products, such as LCD televisions, digital imaging, compact digital cameras, video cameras, audio / video equipment, Blu-ray Disc™ players and recorders, semiconductors, image sensors, as well as a variety of other products for various industries. Sony, whose mission is to be a company that encourages inspiration and curiosity. The company has an unlimited passion for technology, content, and services, as well as a relentless pursuit of innovation and drive to deliver groundbreaking new excitement and entertainment in ways that only Sony can. Creating unique new cultures and experiences.
According to SME executives, everything the company does is aimed at moving the consumer emotionally. Sony Music Entertainment or SME is an intriguing company with an interesting history and even more promising future. The company’s past pursuits and ability to focus on new opportunities bodes well for future endeavors. Sony has positioned itself as a worldwide competitor and its talent for innovative mergers and rebranding has placed the company in an exclusive league. As Sony looks towards the future, expect more groundbreaking inventions and innovative business models to take center stage as the company continues to be focused on new horizons.
By Leigh Haugh