Sony India eyes 40% growth in revenue in audio business in FY23

The Indian arm of the Japanese consumer electronics major Sony is optimistic about its audio business in the country and expects to clock over 40 per cent revenue growth by the end of FY23. Sony has a diverse portfolio, including TVs, PlayStation, audio, cameras, and professional solutions, of which audio accounts for about 20 per cent of the overall business.

Sunil Nayyar, Managing Director, Sony India, told Business Today, “On the back of our robust audio portfolio across categories including sound bars, party speakers, over the ear headphones and wireless earbuds, we are expecting over 39 per cent revenue growth by the end of FY23. Last year, we registered a 21 per cent growth in the audio business.”

Sony India continues to have the lion’s share (78%) in the active noise cancellation headphone category on the back of the popular WH-1000 XM5. The company also enjoys a 56 per cent share in sound bars in Rs 15,000 above category, 33 per cent share in party speakers priced over Rs 15,000, and 21 per cent share in true wireless earbuds in the above Rs 5,000 segment in India.

To further strengthen its position and share in the Indian market, Sony has introduced SRS-XV 800, an omni-directional Party Sound and X-Balanced Speaker for Rs 49,990, which has been especially tuned for India. It features a massive battery life of 25 hours, and a 10-minute quick charge provides 3 hours of playtime. For party speakers, South India is the biggest market, followed by North, West and East India. On the back of this new model, Sony is expecting a 60 per cent growth in the party speaker segment.

“The contribution of audio has been growing significantly in the last three to four years. We have a host of products, including premium audio. I reckon that over a period of time, we will continue to grow our audio business in the country in sync with the industry growth. We are outpacing the industry growth,” added Nayyar.

In addition, Sony has also come up with new branding for audio, ‘For The Music’, and also, after a long gap of many years, has signed renowned music icon and pop star King as the new brand ambassador for its audio category.