Sony’s game, music and film divisions contributed two-thirds of operating revenue in the year ended March, highlighting the group’s transformation from a consumer electronics maker to a ready-made for the Yoshida entertainment universe under Yoshida and predecessor Kazuo Hirai. – Reuters photo
TOKYO, May 18 – Japanese conglomerate Sony Group Corp said it is well positioned to play a leading role in the metaverse or immersive virtual worlds, which commentators speculate will destroy industries en masse and create new power plants.
Metauniverse is a vague term that encapsulates the idea that consumers will spend more time in online simulated environments. As the concept evolved, it became a buzzword in briefings and a driving force in the industry.
“The metauniverse is both a social space and a live network where games, music, movies and anime intersect,” CEO Kenichiro Yoshida said at a strategy briefing today, referring to Epic Games’ use of the free Battle Royale Fortnite game as online social space.
Sony’s game, music and film divisions contributed two-thirds of operating revenue in the year ended March, highlighting the group’s transformation from a consumer electronics maker to a ready-made for the Yoshida entertainment universe under Yoshida and predecessor Kazuo Hirai.
The company is a watchdog with its PlayStation 5, but observers point to the risk posed by the growth of cross-platform, cloud-based titles and their potential to reduce the impact of their own platforms.
Sony has adjusted its approach by allowing cross-gaming at Fortnite in 2018. This week, Epic said the V-Bucks currency in the game, purchased from the PlayStation, could be used on other platforms.
“The PlayStation has played a huge role in the social gaming revolution, fueling the growth of the metaverse as a new entertainment environment,” Epic CEO Tim Sweeney said on Twitter.
Sony has also taken steps to expand its focus on single-player titles such as Spider-Man: Miles Morales, with a deal announced in January to buy Bungie, the developer of the online multiplayer shooter Destiny.
“We believe that this will be a catalyst for improving our ability to play live … (It) is a big step forward in becoming a multi-platform,” said Yoshida.
Sony is already licensing its content to other platforms, earning value for content streamers such as the popular American sitcom Seinfeld. Although the company owns the Crunchyroll anime streaming service, it has not insisted on managing its own video platforms as aggressively as competitors such as Walt Disney Co with Disney +.
Beyond the metaverse, Yoshida also relied on Sony’s claims to mobility, with the conglomerate developing an electric vehicle with Honda Motor Co. Ltd.
Sony created a new way of life in 1979 with the launch of the Walkman, Yoshida said.
“We are striving to turn the mobility space into a new entertainment space … We believe that mobility will be the next mega-trend,” he said. – Reuters
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