Sony Announces Metaverse Push in Latest Annual Corporate Strategy Meeting
As part of its entertainment strategy, Sony announced it would focus on metaverse experiences. The company that owns the Playstation brand revealed that prior investments in Epic, makers of the Fortnite game, and Bungie, another gaming studio, are part of this new push.
Today’s gaming and entertainment brands are trying to leverage metaverse experiences to engage more users. As one of the most influential manufacturers of entertainment and gaming, Sony has launched a plan to expand its metaverse-inspired experiences.
Kenichiro Yoshida, the Chief Executive Officer of Sony Corporation, said at an annual strategy meeting:
The metaverse is at the same time a social space and live network space where games, music, movies and anime intersect.
Sony’s prior investments include Epic Games, the makers of popular online game Fortnite, and Bungee, creators of Destiny’s series, and part of this new focus. According to the company, more than 50% of the revenue in the last fiscal year came from Sony’s entertainment division, which includes games, movies, and music-related services.
However, It is already playing catch-up with others in the field, like Meta, which is developing hardware to provide metaverse immersion experiences to its customers. Meta owns the Oculus brand of VR headsets and provides its flagship app, Horizon Worlds, exclusively to these headset owners.
Another company positioning itself as a metaverse player has acquired Activision for nearly $69 billion dollars, as an approach to the metaverse, and has launched Mesh, a corporate metaverse for its Teams meeting suite.
Sony’s VR2 line of headsets is already being supported by the PS5 line of consoles. Despite the rumored release date in early 2017, the headset could delay its release until 2023 due to supply chain issues.