Since the pandemic, many entertainment companies like Sony greatly profited due to high demands from people stuck at home. But even after the dynamic shift in the markets after the pandemic, Sony surges on with its plans to expand its entertainment services. On Wednesday, May 18, at its annual corporate strategy meeting, Sony revealed its plans for its entertainment business. Sony’s focus this year for it is the metaverse and mobility. Metaverse, an immersive platform that uses virtual reality technology, has recently raged among tech firms.
However, for different organizations, the metaverse holds different meanings. For instance, Mark Zuckerberg defines it as an interactive world where people can socialize and work. And, it means a “social and live network space in which games, music, movies, and anime intersect and expand” for Sony. CEO Kenichiro Yoshida believes metaverse will be a platform where people come together to share “time and space,” like a virtual concert.
Furthermore, Sony aims to “create a live network space that connects creators and users, while also generating new kando experiences.” Yoshida repeatedly used the word ” kando” in his speech, which roughly means “emotional involvement” in Japanese. Interestingly, it has become a key concept for the company. Yoshida asserts that “kando content” remains a growth market, even if the way it gets delivered changes. He firmly believes that “the 21st century is the era of network entertainment.” Additionally, Yoshida believes Sony is well-placed to play a leading role in the emerging trend of the metaverse concept. He also referenced Fortnite several times in his keynote on Wednesday.
Sony’s metaverse vision
This year, Sony’s two notable actions were the Bungie acquisition in January and a $1 billion investment in Epic Games. Additionally, Epic Games is the creator of the famous game Fortnite. It seems like the company plans to further its metaverse vision with the game.
Moreover, Sony intends to “learn more about live services from Bungie,” and Epic’s content might become metaverse’s foundation. Additionally, CEO Yoshida did not reveal much about any specific product that the company might be planning to introduce. However, he did divulge that PlayStation intends to launch more than ten live game services by 2025. Sony probably wants to use its various multimedia divisions to develop metaverse, uniting all aspects of its businesses.