Sony has announced that it will take a more focused approach when it comes to metaverse experiences as part of its entertainment strategy. The company, which owns the Playstation brand, announced that previous investments in Fortnite game makers Epic and another game studio, Bungie, are part of this new move.
Gaming and entertainment brands are now trying to integrate their metaverse experiences to entice more users to enter their ecosystem. Sony is also interested in adding more metaverse-inspired experiences to attract customers. At the annual strategy meeting this week, Sony CEO Kenichiro Yoshida said:
"The metaverse is also a social space and lively networking space where games, music, movies and anime intersect."
Sony's previous investments in other companies include Epic Games, makers of the popular online franchise Fortnite, and Bungee, creators of the Destiny series, and are part of this new focus. According to figures provided by the company, more than 50% of revenue in the last fiscal year came from Sony's entertainment division, which covers games, movies and music-related services.
Sony plans to use Playstation brands to achieve a place among the leaders in the metaverse industry. Sony Playstation has one of the largest installer user bases in the world, so it can serve as a vehicle for this new metaverse push.
In this sense, the company stated that it aims to “take advantage of the unique strengths provided by its diverse businesses and expertise in gaming technology… to create new entertainment experiences in the metaverse.”
However, the company is trying to catch up with other companies in the space, such as Meta, which manufactures hardware to provide metaverse immersion experiences to its customers. While Meta owns the Oculus VR headset brand, it only offers its flagship metaverse app called Horizon Worlds to owners of those products.
Microsoft, on the other hand, is another company that is positioning itself as a metaverse player, acquiring Activision for almost $69 billion as an approach to the metaverse, and releasing Mesh, an enterprise metaverse for the Teams meeting suite.
Sony has already introduced the VR2 line of headsets to work with the PS5 series consoles. The headset was rumored to launch this year, but could be delayed until 2023 due to supply chain issues.