Today, we held our Corporate Strategy Meeting. My decision was to present our new mid-term as our "third mid-range corporate plan." There are two reasons for not naming it as our "first mid-range plan" under my lead as CEO:

My first reason is that Sony's mission of delivering kando will not change. To the contrary, our direction moving forward is to get even closer to the users who experience kando and the creators who deliver kando, experiences that move people emotionally. Our focus on Direct to Consumer (DTC) and content IP is a rephrasing of this direction in business terms. My term for people captivated by Sony's content and products, bonded by kando, is "Community of Interest." Sony branded hardware shoulders the crucial role of bridging the users and creators within these communities of interest through technology, and delivering kando.

My other reason is that the "transformation of Sony" set forth at the beginning of Hirai-san's tenure must continue. Within our current businesses, we must ensure that we are not leaving any avenues unexplored when it comes to our sales, and that we are doing all we can to reduce our costs. Moreover, our long-term initiatives such as AI x Robotics, medical business, and automotive sensing has only just begun. We also need to invest in the areas of DTC and content IP, which will lead to building recurring revenue business models. The acquisition of equity interest in EMI Music Publishing owned by Mubadala Investment Company that we announced today is a perfect example of investment to reinforce content IP as well as a crucial stepping stone toward the long-term growth of Sony.

I carry the twin batons of kando and the "transformation of Sony" entrusted to me by Hirai-san. That is why I chose to call this our "third mid-range corporate plan."

I look forward to your constructive feedback, including at the Sony Group Management Conference two days from now.