TVs, Audio & Musical Instruments industry map
Who earns the money in TVs, Audio & Musical Instruments, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 23 companies · ¥5.25T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥5.25T
- Companies
- 23
- Avg. salary（parent only）
- ¥7.4M
- Industry weather
- Rainy
YoY -4.9%
Avg. age 44.5
Operating income -31.1%
Sony Group[6758]
Entertainment, Technology and Services
- Revenue
- ¥2.18T▼7.5%
- Operating income
- ¥158.6B▼16.9%
Margin 7.3%
Whole company: Revenue ¥12.5T · Net income -¥326.9B
Avg. salary ¥11.6M · 42.7（parent only）
Panasonic Holdings[6752]
Smart Life
- Revenue
- ¥1.25T▼5.2%
- Operating income
- -¥37.3BTurned to loss
Margin -3.0%
Whole company: Revenue ¥8.05T · Net income ¥189.5B
Avg. salary ¥9.9M · 44.1（parent only）
Sharp[6753]
Smart Life
- Revenue
- ¥597.5B▼7.0%
- Operating income
- ¥28.5B▲29.5%
Margin 4.8%
Whole company: Revenue ¥1.89T · Net income ¥47.4B
Avg. salary ¥7.8M · 44.5（parent only）
Yamaha[7951]
Music + 1 more
- Revenue
- ¥447.4B▲0.8%
- Operating income
- —
Whole company: Revenue ¥465.3B · Net income ¥23.7B
Avg. salary ¥7.9M · 43.0（parent only）
Foster Electric[6794]
Speaker + 1 more
- Revenue
- ¥124.3B▼2.4%
- Operating income
- ¥7.19B▲2.7%
Margin 5.8%
Whole company: Revenue ¥134.9B · Net income ¥4.95B
Avg. salary ¥7.4M · 43.3（parent only）
Noritsu Koki[7744]
Audio equipment / Peripherals
- Revenue
- ¥107.5B▲13.7%
- Operating income
- ¥24.2B▲9.7%
Margin 22.5%
Whole company: Revenue ¥119.2B · Net income ¥15.6B
Avg. salary ¥9.9M · 41.2（parent only）
Roland[7944]
- Revenue
- ¥101B▲1.5%
- Operating income
- ¥9.41B▼5.4%
Margin 9.3%
Avg. salary ¥7.2M · 46.0（parent only）
Ushio[6925]
Visual Imaging
- Revenue
- ¥83.9B▲3.7%
- Operating income
- ¥4.67B▲540.2%
Margin 5.6%
Whole company: Revenue ¥179.2B · Net income ¥8B
Avg. salary ¥8M · 44.5（parent only）
Casio Computer[6952]
Consumer
- Revenue
- ¥82.1B▼0.0%
- Operating income
- ¥3.42B▲57.8%
Margin 4.2%
Whole company: Revenue ¥276.3B · Net income ¥18.2B
Avg. salary ¥8.4M · 44.6（parent only）
Jvckenwood[6632]
Entertainment Solutions Service Sector
- Revenue
- ¥56.8B▼1.9%
- Operating income
- ¥2.52B▲36.1%
Margin 4.4%
Whole company: Revenue ¥356.9B · Net income ¥16.8B
Avg. salary ¥8.6M · 50.8（parent only）
Kawai Musical Instruments Manufacturing[7952]
Musical instruments and Education
- Revenue
- ¥56.5B▼3.2%
- Operating income
- -¥852M
Margin -1.5%
Whole company: Revenue ¥72B · Net income ¥1.14B
Avg. salary ¥6M · 43.4（parent only）
TOA[6809]
Japan + 4 more
- Revenue
- ¥55.4B▲9.4%
- Operating income
- ¥8.07B▲22.5%
Margin 14.6%
Whole company: Revenue ¥55.4B · Net income ¥3.31B
Avg. salary ¥7.5M · 42.9（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Techno Horizon · Ikegami Tsushinki · Zoom · Teac · Leader Electronics · Tamura · TB Group · Soliton Systems · Banners · Pixela · PBsystems
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Sony GroupEntertainment, Technology and Services | ¥2.18T | 41.7% | 7.3% | -1.3% | ¥1.49T |
| 2 | Panasonic HoldingsSmart Life | ¥1.25T | 23.8% | -3.0% | — | -¥71.7B |
| 3 | SharpSmart Life | ¥597.5B | 11.4% | 4.8% | +7.6% | -¥33.7B |
| 4 | YamahaMusic + 1 more | ¥447.4B | 8.5% | — | +4.6% | ¥31.6B |
| 5 | Foster ElectricSpeaker + 1 more | ¥124.3B | 2.4% | 5.8% | +10.3% | ¥132M |
| 6▲1 | Noritsu KokiAudio equipment / Peripherals | ¥107.5B | 2.0% | 22.5% | +27.2% | ¥17B |
| 7▼1 | Roland | ¥101B | 1.9% | 9.3% | +6.0% | ¥7.3B |
| 8▲1 | UshioVisual Imaging | ¥83.9B | 1.6% | 5.6% | — | ¥8.7B |
| 9▼1 | Casio ComputerConsumer | ¥82.1B | 1.6% | 4.2% | +0.3% | ¥13.6B |
| 10▲1 | JvckenwoodEntertainment Solutions Service Sector | ¥56.8B | 1.1% | 4.4% | — | ¥11.2B |
| 11▼1 | Kawai Musical Instruments ManufacturingMusical instruments and Education | ¥56.5B | 1.1% | -1.5% | -5.0% | -¥3.69B |
| 12 | TOAJapan + 4 more | ¥55.4B | 1.1% | 14.6% | +7.9% | ¥5.14B |
| 13 | Techno HorizonImaging and IT | ¥37.8B | 0.7% | 5.0% | +8.4% | ¥4.14B |
| 14 | Ikegami Tsushinki | ¥21.3B | 0.4% | 1.9% | +3.7% | ¥377M |
| 15 | Zoom | ¥17.4B | 0.3% | -0.3% | +6.8% | ¥158.2M |
| 16 | TeacAudio Product Division | ¥11.1B | 0.2% | 13.4% | +0.2% | ¥1.46B |
| 17 | Leader Electronics | ¥4.25B | 0.1% | 0.6% | +2.9% | ¥143.1M |
| 18 | TamuraInformation Equipment | ¥2.13B | 0.0% | -26.5% | +1.5% | -¥2.72B |
| 19 | TB GroupLED Display Products and Digital Signage | ¥1.55B | 0.0% | 4.0% | +0.9% | -¥12.4M |
| 20 | Soliton SystemsEIZOU communication BU | ¥1.05B | 0.0% | 4.9% | +2.9% | ¥3.38B |
| 21▲1 | BannersMUSICAL INSTRUMENT SALES | ¥661.5M | 0.0% | 6.9% | +13.7% | -¥340.8M |
| 22▼1 | PixelaAudio and Visual appliance | ¥504.4M | 0.0% | -30.9% | -30.2% | -¥1.03B |
| 23 | PBsystemsEmotional System business | ¥81.1M | 0.0% | -6.4% | +56.9% | ¥175.9M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Other
- Operating profit
- Noritsu Koki8317
- Soliton Systems533215
- Sony Group691812
- Roland58339
- TOA55369
- Casio Computer56368
- Ushio63307
- Yamaha6231
- Foster Electric8212
- Jvckenwood6925
- Techno Horizon7718
- Banners7718
- PBsystems7322
- Teac5741
- Tamura7521
- Panasonic Holdings6826
- Sharp7820
- Ikegami Tsushinki6929
- Leader Electronics3663
- Kawai Musical Instruments Manufacturing7426
- Zoom6337
- TB Group4460loss ¥4
- Pixela72107loss ¥79
Ownership links
From the major-shareholder section of annual securities reports.
- 住友不動産株式会社Outside
- シスメックス株式会社Outside
- StakeTOA4.2%
- 日本毛織株式会社Outside
- ヤマハ発動機株式会社Outside
- StakeYamaha3.2%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in TVs, Audio & Musical Instruments (by revenue)
All 23 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Sony Group¥2.18T · 7.3%
- Panasonic Holdings¥1.25T · -3.0%
- Sharp¥597.5B · 4.8%
- Yamaha¥447.4B
- Foster Electric¥124.3B · 5.8%
- Noritsu Koki¥107.5B · 22.5%
- Roland¥101B · 9.3%
- Ushio¥83.9B · 5.6%
- Casio Computer¥82.1B · 4.2%
- Jvckenwood¥56.8B · 4.4%
- Kawai Musical Instruments Manufacturing¥56.5B · -1.5%
- TOA¥55.4B · 14.6%
- Techno Horizon¥37.8B · 5.0%
- Ikegami Tsushinki¥21.3B · 1.9%
- Zoom¥17.4B · -0.3%
- Teac¥11.1B · 13.4%
- Leader Electronics¥4.25B · 0.6%
- Tamura¥2.13B · -26.5%
- TB Group¥1.55B · 4.0%
- Soliton Systems¥1.05B · 4.9%
- Banners¥661.5M · 6.9%
- Pixela¥504.4M · -30.9%
- PBsystems¥81.1M · -6.4%
Revenue · Op. margin
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