{
  "docId": "019dd923-622b-71dc-a6db-28e86a7ca5c3",
  "docSlug": "efcae84676a2",
  "documentTitle": "Sony Corporation (6758.T)",
  "authorId": "05_Third_Point",
  "authorName": "Third Point",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-13 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 54,
  "pageCount": 102,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "thesis_headline",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "The slide uses a stacked bar chart to show historical and estimated trends in sales mix, and a grouped bar chart to compare profit margins across first-party and third-party games.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_stacked",
    "bar_chart_grouped"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-28e86a7ca5c3/54",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-28e86a7ca5c3",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-28e86a7ca5c3.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-28e86a7ca5c3#slide-54",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "This shift provides a powerful tailwind to Sony's profit growth, as Sony captures ~60-100% more gross profit dollars per unit in a download transaction",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5378-7467-9503-39c386fc2ad6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.03,
        "y": 0.325
      },
      "kind": "chart",
      "text": "PlayStation game sales, % of Total",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2eca881-8b5e-43da-854d-3e0be7e1bb65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.52,
        "y": 0.325
      },
      "kind": "chart",
      "text": "Sony gross profit dollars per game unit sold",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04dd312f-e9c8-4921-b49e-7de0d8552e1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.95,
        "x": 0.03,
        "y": 0.14
      },
      "kind": "list",
      "text": "Today the majority (~60%) of console games are still purchased in physical disc format; however consumers are rapidly shifting their game purchases toward digital download due to greater convenience and improving broadband speeds. Each year the penetration of digital downloads rises by ~5-8 percentage points and we expect this trend to continue going forward. This shift provides a powerful tailwind to Sony's profit growth, as Sony captures ~60-100% more gross profit dollars per unit in a download transaction. Digital download transactions are more profitable because unlike in a physical disc sale, digital downloads do not require Sony to share any economics with a physical retailer or a disc manufacturer.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "570b4f9d-2f38-44e3-96d5-3ded123216f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "gross profit per unit: ~100%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5378-7467-9503-3d9db512ef44",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.03,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Company reports",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "28bb8bd4-e875-4b88-988e-93ccc8be41b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.52,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Deutsche Bank",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86466720-4850-45cb-92ad-54bedd39d47b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.03,
        "y": 0.09
      },
      "kind": "title",
      "text": "The ongoing shift from disc to download provides a tailwind to Sony's profit growth",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "399c94a2-4d4e-48ae-b030-5cdbb306bed3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before/after framing",
      "slug": "before-after-framing",
      "agent": null,
      "layer": "slide",
      "matchId": "ef827892-5764-4473-bd3f-79ba67613918",
      "evidence": "chart/bar-vertical: Sony gross profit dollars per game unit sold",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "eab5eac9-b030-4dd8-a1af-01343fcb7961",
      "evidence": "The slide links consumer behavior (shift to digital) to financial outcomes (higher profit per unit) to support an investment thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 102,
      "from": 21,
      "beatId": "7f85f16a-4957-4f37-b8df-1517555ea81a",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The deck proposes solutions to Sony's problems, including transformation and spin-off of businesses.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}