Philips Exits Consumer Electronics Business

Robert Van den Oever, reporting for the WSJ’s The Source:

“Our consumer lifestyle business was margin dilutive to the group, so it was time to decide to move away from consumer electronics,” said Frans van Houten, Philips’s chief executive. “Since we have online entertainment, people do not buy Blu-ray and DVD players anymore,” Mr. Van Houten said.

Steve Jobs, back in 2008:

“Blu-ray is just a bag of hurt.”

Tuesday, 29 January 2013