Sony investors have given their stamp of approval for the longtime electronics maker to embrace a new, broader identity with its first renaming in more than six decades.

Shareholders approved at Friday's annual meeting a proposal to change the name to Sony Group, effective April 2021.

The rebranding is part of the Japanese blue chip's effort to place video games and financial services on an equal footing with electronics, where Sony got its start.

"We decided to change our name to Sony Group because we wanted to take advantage of the diversity of our portfolio and promote the evolution of our businesses," CEO Kenichiro Yoshida said.

The company plans to spend about 400 billion yen ($3.73 billion) to turn the unit, which offers insurance and online banking services to retail customers, into a wholly owned subsidiary.

It is big pressure on Sony to move sensors unit into separate company. Also cameras division started bleeding money seriously in 2020, plans are in disarray for 2021. In the last moment Sony can decide to separate cameras division and may be even kill it looking at the 2020 fall results.