NEW YORK (TheStreet) -- Shares of Sony Corp. (SNE) are higher by 5.08% to $21.29 at the start of trading on Tuesday, after the company announced its expects to increase its movie entertainment revenue by more than a third over the next three years, in an attempt to offset declining smartphone sales, Reuters reports.
The company's CEO, Kazuo Hirai, announced his intentions to unveil a long term growth plan before the end of March, but did not elaborate further, Reuters added.
Hirai gave revenue guidance for Sony Pictures Entertainment, the unit responsible for the film "The Amazing Spiderman," and the TV drama "Breaking Bad," saying they are aiming for $10 billion to $11 billion for March 2018. That is a 36% increase from the $8.1 billion estimated for this year, Reuters noted.
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Over the next three years Sony is also looking for revenue of $4.8 billion to $5.2 billion from its music segment. The forecast for the music division for the current year is $4.8 billion, according to Reuters.
Sony's movie and music segments are said to account for 18% of this year's overall sales, which is slightly more than the company's mobile business. Last month Sony's smartphone unit weighted on its second quarter financial results, Reuters said.