Panasonic, one of the leading electronics companies in the world, has recently announced a major restructuring plan that will affect its business operations and organizational structure. The company aims to focus more on the growing market of video content creation, which has seen a surge in demand and popularity in recent years. The restructuring plan will take effect from April 2022, when Panasonic will transition to a holding company.
The restructuring plan coincides with the change of leadership at Panasonic. Yuki Kusumi, who has an R&D background and led Panasonic’s television, white goods and automotive component businesses, has succeeded Kazuhiro Tsuga as the CEO of Panasonic Corporation on April 1, 2023. Tsuga, who guided Panasonic’s return to profitability and positioned the group for sustainable growth under a new business model, will become the chairman of the board after the annual general shareholders’ meeting on June 24, 2023.
As the new CEO, Kusumi has expressed his vision to sharpen Panasonic’s areas of focus and accelerate business development. He said: “As CEO, I will commit myself to removing constraints on your efforts to be competitive. When it comes to accelerating business development, you will have my maximum support.” One of his goals is to promote a corporate culture that allows anyone to speak their mind and foster open communication.
Under the new structure, Panasonic will become a holding company that will oversee four operating companies: Consumer Electronics, Automotive, Industrial Solutions and Connected Solutions. Each operating company will have clearly defined responsibilities and faster decision-making, allowing them to more flexibly adjust to changing business environments and emerging opportunities.
Video Content Creation as a Key Growth Area
One of the key growth areas that Panasonic will focus on is video content creation. The company has recognized the immense potential of this market, which has been driven by the rise of digital platforms, social media, online education and entertainment. According to a report by IMARC Group, the global digital video content market size reached US$ 171.5 Billion in 2022 and is expected to reach US$ 355.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.5% during 2023-2028.
Panasonic has a strong presence and reputation in the video content creation industry, offering a wide range of products and solutions for professional and amateur videographers. The company’s flagship products include the Lumix series of mirrorless cameras, the VariCam series of cinema cameras, the EVA1 compact cinema camera, the AG-CX350 4K camcorder and the BGH1 box-style camera. Panasonic also provides video production systems, projectors, displays, broadcast equipment and software solutions for various applications and scenarios.
Panasonic’s latest innovation in the video content creation market is the Lumix GH6, a mirrorless camera that can record 4K 60p/50p 4:2:2 10-bit video and 5.7K 60p/50p 4:2:0 10-bit video. The camera also features a new image sensor, a new image processor, a new autofocus system and a new body design. The Lumix GH6 is expected to be released in late 2023 and will be the flagship model of the Lumix G series.
Panasonic’s Commitment to Quality and Innovation
Panasonic’s restructuring plan and focus on video content creation reflect the company’s commitment to quality and innovation, which have been its core values since its founding in 1918. The company aims to provide products and solutions that enhance the lives of its customers and contribute to social progress. Panasonic’s slogan, “A Better Life, A Better World”, captures its vision and mission.
Panasonic’s president and CEO, Yuki Kusumi, said: “We will continue to create new value for our customers and society, based on our DNA of ‘customer first’ and ‘quality first’. We will also strive to achieve our long-term vision of becoming a leading company in the environmental and social fields, as well as the business field.”