Sony, known for its successful PlayStation 4 games console and camera products, has a lot of assets to leverage and this could be the key to turning around the Japanese giant, according to analysts.
"When you look at their capabilities they have many more assets than most other companies in the smartphone market," Ian Fogg, head of mobile analysis at IHS, told CNBC by phone.
"Mobile games are the most accessible content. Sony has a great games brand with PlayStation but has been slow to leverage that in its smartphone business. It really needs to go for it."
Could wearables save Sony?
Wearables have been a key part of technology companies' strategy over the past year with Apple releasing its Watch and Sony coming to the party too with its SmartWatch 3 and SmartBand Talk. Hirai hinted at the company's intentions to develop further in this area.
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"Sometime there will be a post-smartphone business, a new area of mobile communication business, and if that day comes we have to utilise our assets…we have to create the foundations of the smart business and evolution of that going forward," he said.
With global revenue from smart wearbles expected to hit $53.2 billion by 2019, according to Juniper Research, analysts said Sony's ecosystem would help it make good products that could inject much-needed life into the company.
"This will help them because they have a strong brand to go across all these technologies. It's a market they need to be in and Sony needs to add value to the brand through wearables and become stronger as an owner of an ecosystem," Cozza said.
- By CNBC's Arjun Kharpal