Last week, I explained how media companies converge into a variety of different businesses that might not even be related to media.
Sony, for instance, is one of the most recognizable companies in the world, especially for their electronics, motion picture and music businesses. But as Dan Frommer explained in 2011, the most profitable part of the business is financial services:
Sony’s profits these days come from what may seem like an unexpected source: Its financial services business, which includes life insurance, non-life insurance, and banking. (At least before the rest of Sony wipes those profits out — overall, the company expects to lose more than $1 billion this fiscal year.)
Ouch!