Apple beat Sony to deliver the twenty-first century Walkman, admitted a senior Sony executive yesterday.

Speaking to Bloomberg News Sony US vice chairman Howard Stringer said: "We didn't get there, and by that time, Apple CEO Steve Jobs was there."

The article looks at how Sony has lost $100 billion in market value and is struggling in the digital age. "A 20th century business model is no guarantee of success," Sony CEO Nobuyuki Idei told Bloomberg. "This is the biggest challenge, how to change," he said.

The company has lost the edge in terms of digital music players in favour of Apple, and is a year behind in launching its own online music store.

Sony is also losing its lead in other product categories it plays in, including flat-panel TVs. Analysts describe the company as being "too big and unfocused".