Thesis: New management is changing the culture. Content is king - Sony's presence is underappreciated. Gaming, image sensors, music are the businesses that are very valuable; they comprise 2/3 of operating income and 1/3 of revenue.

Gaming: business is large and is evolving to a recurring revenue stream model where you pay a monthly subscription fees supplemented by in-game purchases. Additionally, they have had some success in mobile games, have the #2 selling mobile game. Transition to digital game downloads should lift margins.

Sensors: Photo and video is the future of social interaction so images will continue to be an important business. Sony's image sensors are critical for digital camera option. Hal of all CMOS image sensors are Sony; 80% share of iPhone 11 and 12. Profitability has been deperessed.

Music: ~60b TAM by 2026 paid music subscriptions globally. #1 music publisher globally with 30% share and #2 record label. Streaming is now 60% of digital revenues. Digital music is more profitable than physical music.

Valuation: Expect 30% upside based on sum of the parts valuation