Similar to Sony's American in-house agency Arcade Creative Group, the idea is to leverage the record company's artist roster and catalog for product placements, endorsements, sync licenses, etc. in big brand campaigns. It seems Sony's looking to cut out a middleman agency, but the release stresses that SBX "acts independently and will also work with third-party agencies and content providers."
Although the PR push is happening now, SBX has already been working with PlayStation, Levi's, Samsung, Intel, Tommy Hilfiger and Nokia.
Note: It feels weird to post anything today without mentioning our new president-elect, but that would probably involve mentioning Will.i.am too, so we're doing our best to abstain until either a) it becomes relevant to music branding or b) we finally succumb to a hope attack.