Philips Electronics has sold 20 million of its electronic drum kit to customers, the company said on Monday, in what it said was the first time the firm had sold such kits in the market.
The company said that by selling off its current inventory of drum kits, it would also save money by having to re-distribute parts and other parts of the kit, and by using the money to make new products, including more products for the home.
In addition, Philips said it would be taking an upfront cash payment of US$1.9 billion, with a profit of US $2.4 billion.
It said that while it had no plans to reduce sales of the products, it had decided to focus its efforts on other areas of business, including its digital entertainment products.
Philips said it sold 20.4 million of the kits in 2016.