 The market position of the company was strengthened by VHS, the de facto standard of consumer Videotape that Matsushita and JVC co-introduced.Inspired by Sony's bold quest for Hollywood, Matsushita was convinced that the company could become a leader in the film industry as they had been already in the home video market.However, Matsushita subsequently sold 80% of MCA to Seagram Company for US$7 billion in April 1995, demoralized by the high volatility of the film industry.