Sony is in trouble.

Once a dominant force in technology and electronics – they invented and popularized such basic tech items as the CD, Blu-Ray, the Walkman, Trinitron TVs, the HandyCam, and more – Sony has now fallen behind the times. Sure, there are still popular Sony products out there – but what have they done to really shake up the market lately? The lack of innovation is causing Sony economic grief, they have lost money 3+ years in a row now.

This morning Sony’s new CEO, Kazuo Hirai, held a news conference to detail what he is going to do to turn the company’s fortunes around. Hirai has worked his way up through the ranks at Sony. Before becoming the CEO, he headed up the Sony Computer Entertainment America (think PlayStation).

Hirai told reporters that “The time for Sony to change is now.” According to Hirai, Sony will be re-focusing its electronics division on three main areas: mobile devices (smartphones and tablets), imaging (cameras/camcorders(, and games. Sony will be investing in medical technology as well, and streamline its TV offerings. Sony has been losing money on TVs, as much as $110 for every TV it sells.

Hirai also said that Sony would cut 10,000 jobs.

Saying “”I will definitely change Sony and revive it,” Hirai sounded confident during the conference. He said he will turn Sony into a leader in the mobile field, tripling sales by 2015. He also plans to expand Sony’s PlayStation network to include music and video content. Hirai did not specify any particular new flagship products or new technologies that Sony would be offering in the future.

Will Sony’s plan work, with a pick up in sales and revenue? Or is their approach still too old school tech? Let us know what you think in the comments section below.