During the quarter, we also added Sony (NYSE:SNE). The company has gone through a substantial restructuring over the past decade, shifting its revenue away from consumer electronics, and toward recurring revenue businesses primarily in games and media. Sony's gaming platform PlayStation Plus boasts over 34 million paying members globally while its music publishing business, which recently added EMI Music Publishing, benefits from the proliferation of various music streaming offerings. As the proportion of recurring revenue business increases, we believe there is room for Sony to be rerated in line with other media companies, rather than as a consumer electronics company.
From Matthews Japan Fund (Trades, Portfolio)'s fourth quarter 2018 shareholder letter.
