Philips is one of the great legacy brands in the audiovisual world, pioneering radio manufacturing in Europe before World War II and television after the war. It invented the cassette tape in 1963 and later teamed with Sony to develop the compact disc. Philips owned the Mercury and PolyGram record labels until near the end of the 20th century and even produced a few well-regarded movies.
After deciding to concentrate on its healthcare business, Philips spun off its Philips Hue smart lighting business (an operation now doing business as Signify), sold its small appliance business to an investment firm, and inked a brand licensing deal with the Chinese manufacturer TPV (operating in the U.S. as ). The Philips
