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 massively disrupt industries and establish new powerhouses.
The metaverse is a vague term encapsulating the idea that consumers will spend more time in online simulated environments.
While the concept is evolving, it has become a buzzword in briefings and a driver of industry dealmaking.
For the latest headlines, follow our Google News channel online or via the app.
“The metaverse is at the same time a social space and live network space where games, music, movies and anime intersect,”
Chief Executive Kenichiro Yoshida said at a strategy briefing on Wednesday, pointing to the use of free-to-play battle royale title Fortnite from Epic Games as an online social space.
Sony’s game, music and movie units contributed two-thirds of operating income in the year ended March, underscoring the
group’s transformation from consumer electronics maker into a metaverse-ready entertainment juggernaut under Yoshida and
predecessor Kazuo Hirai.
The firm is a gaming gatekeeper with its PlayStation 5 console, however observers point to the risk presented by the growth of cross-platform, cloud-based titles and their potential to reduce the influence of proprietary platforms.
Sony has been adjusting its approach, enabling cross-play in Fortnite in 2018. This week, Epic said in-game “V-Bucks” currency purchased on PlayStation would be usable on other platforms.
“PlayStation has played a huge role in the social gaming revolution that’s nurturing the growth of the metaverse as a new entertainment medium,” Epic’s CEO Tim Sweeney said on Twitter.
Sony has also taken steps to expand beyond its focus on single-player titles such as “Spider-Man: Miles Morales,” with a deal announced in January to buy Bungie, the developer of online multi-player shooter “Destiny”.
“We believe it will be a catalyst to enhance our live service game capabilities... (It) represents a major step forward in becoming multi-platform,” Yoshida said.
Sony already licenses its content to other platforms, profiting from the value to streamers of content such as popular US sitcom “Seinfeld.” Though the firm owns the Crunchyroll anime streaming service, it has not pushed as aggressively into operating its own video platforms as rivals such as Walt Disney Co with its Disney+ service.
Beyond the metaverse, Yoshida also staked out Sony’s claim in mobility, with the conglomerate developing an electric vehicle with Honda Motor Co Ltd.
Sony created a new lifestyle in 1979 with the launch of the Walkman, Yoshida said.
“We are aiming to turn the mobility space into a new entertainment space... We believe mobility will be the next megatrend,” he said.
Playstation 5: All Middle East gamers need to know about Sony’s latest consoleAfter years of anticipation the Playstation 5 console was released in the Middle East last week.It has been four years since Sony has released the ... Middle East
Sony’s profits rise as coronavirus has people playing video gamesProfit at Japanese electronics and entertainment company Sony Corp. more than doubled in the last quarter on healthy gains in its video game sector, ... Coronavirus
Sony buying studio behind hit ‘Spider-Man’ video gameSony Interactive Entertainment on Monday announced a deal to buy Insomniac Games, the studio behind hot-selling “Spider-Man” and ... Technology
Sony revitalizes smartphone franchise with movie-style screensJapan’s Sony, which has fallen way behind its South Korean and Chinese rivals in the smartphone sales race, aims to capitalize on its movie ... Technology
Sony to reboot ‘Starsky and Hutch’Sony is planning to reboot 1970s cop series “Starsky and Hutch” with “Guardians of the Galaxy” director James Gunn set to ... Entertainment
Stephen Curry signs broad production deal with Sony PicturesNBA star Stephen Curry is heading to Hollywood in a big way.Sony Pictures Entertainment announced Monday that it has struck a deal with the Golden ... Sports
Fox 2000 chief joins Sony after being jettisoned by DisneyElizabeth Gabler, whose Fox 2000 produced acclaimed literary adaptations like “Life of Pi” and “Hidden Figures” before being ... Entertainment