Sony moves away from the big screen to make quality TV

Sony’s TV push looked like a nod towards the success of online rivals NetFlix, producer House of Cards (GETTY IMAGES)

Sony has announced plans to produce more television shows in what executives described as a 'significant' shift in direction as it moves away from blockbuster films as part of a drive to save $250 million (£156 million).

The media and electronics giant will make only around 18 movies a year instead of 23 at its Columbia Studios arm, one of the “Big Six” Hollywood studios.

“No cost is too sacred to cut,” warned Michael Lynton, boss of Sony’s entertainment division, which has had a mixed record on movies from hits such as Spiderman and Cloudy With A Chance of Meatballs to costly flops such as White House Down.

Sony’s TV push looked like a nod towards the success of online rivals such as NetFlix, producer of a $100 million remake of House of Cards, which is heaping pressure on the cinema business as consumers watch more at home.

Activist investor Daniel Loeb has pushed Sony to break up its entertainment assets but chief executive Kazuo Hirao insisted: “I know that the whole of Sony is greater than the sum of its parts,”

He said investing in entertainment content can help Sony sell more electronics from smart TVs to Playstation games consoles.