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Tuesday, March 28, 2023

Sony Announces Metaverse Push in Latest Annual Corporate Strategy Meeting

Sony Announces Metaverse Push in Latest Annual Corporate Strategy Meeting – To draw more users into their ecosystems, gaming and entertainment companies are now attempting to integrate metaverse experiences.

Sony, one of the most powerful firms in the entertainment and gaming industries, has expressed interest in incorporating more metaverse-inspired experience in order to attract more customers.

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Sony Chief Executive Kenichiro Yoshida said at an annual strategy conference this week:

“The metaverse is a social place and a live network space wherein music, games, movies, and anime all intersect.”

Epic Games, the producers of the blockbuster online franchise Fortnite, and Bungee, the designers of the Destiny series, are among Sony’s previous investments, and are included in this new focus.

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Sony’s entertainment segment, which includes movies, gaming, and music-related services, generated more than half of the company’s income in the previous fiscal year, according to corporate numbers.

Sony plans to use its Playstation brands to establish itself as a metaverse market leader. The Sony Playstation has one of the world’s largest install userbases, thus it could be a useful tool for this new metaverse effort.

In this regard, the corporation announced that it “intends to utilize the unique assets afforded by its diversified industries and expertise in gaming technology, developing new entertainment experiences in the metaverse.”

However, the company is already playing catch-up with others in the industry, such as Meta, which is developing gear to provide clients with metaverse immersion experiences. Meta owns the Oculus VR headset brand and offers its flagship metaverse app, Horizon Worlds, exclusively to Oculus customers.

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Another business preparing itself to be a metaverse player is Microsoft, which recently acquired Activision for about $69 billion as part of its metaverse strategy and launched Mesh, a corporate metaverse for its Teams meeting suite.

Sony has already shown off their VR2 headsets, which will function in tandem with the PS5 consoles. The headset was expected to be released this year, but due to supply chain concerns, it may be postponed until 2023.

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