Japanese multinational conglomerate Sony Group Corp reportedly plans to offer cross-platform services and prepare itself to play a pioneering role in the metaverse.
Experts state that this move will establish new powerhouses and significantly disrupt industries. Although the concept of the metaverse is evolving, it is driving major industrial deals and becoming a buzzword in briefings.
For those unversed, the metaverse is a term that encompasses the concept that consumers will spend a significant amount of time in online, simulated environments.
Chief Executive Kenichiro Yoshida noted that the metaverse is a social space as well as a live networking space that witnesses the intersection of music, games, anime, and movies.
Yoshida pointed out that Fortnite, the free-to-play battle royale title from Epic Games, can be considered an online social space.
The music, game, and movie units of Sony contributed almost two-thirds of its operating income in the year ended March. This underscores the conglomerate’s transformation from a maker of consumer electronics to a metaverse-compliant entertainment giant.
With the PlayStation 5 console in its portfolio, Sony is a gaming pioneer. But experts have identified the competition posed by the growth of cloud-native, cross-platform games and their ability to reduce the impact of patented platforms.
The Japanese conglomerate has been flexible with its approach, allowing cross-play in Fortnite four years ago. This week, Epic Games stated that V-Bucks, the in-game currency bought on PlayStation, can be used on other platforms.
Epic's CEO Tim Sweeney asserted that PlayStation has played a significant role in the revolution of social gaming that is fostering the growth of the metaverse as a new medium of entertainment.
In addition, Sony has taken steps to expand beyond single-player titles like Spider-Man: Miles Morales by acquiring Bungie, the developer of the online multi-player shooting title Destiny.
Beyond the metaverse, Sony is also venturing into mobility, with the group developing an EV (electric vehicle) in collaboration with Honda Motor Co Ltd.
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