Sony Group, one of the world’s leading electronics and entertainment corporations is set to expand its entertainment business through metaverse and EVs. This was revealed during the company’s corporate strategy meeting that was held on Wednesday, May 19th
Speaking at the function, Kenichiro Yoshida, the company’s chief executive, and chairman emphasized the need to generate fresh experiences and create a live network space connecting creators and users.
In the last fiscal year, the entertainment business unit of the company comprising music, movies, network services, and games accounted for 51% of the total sales for the first time. The surge in sales is attributed to the high demand during Covid-19 where most customers were forced to remain indoors.
With most countries having relaxed pandemic restrictions, the company recorded a drop in its subscription to its PlayStation Plus service between January and March of 2022.
According to Yoshida, the company has its eyes poised on embracing network entertainment due to its growth potential with the three entertainment businesses set to account for 55% of its total sales by the end of the year.
The announcement is linked to its ambitious plan to directly connect with 1 billion people through entertainment. To reach this goal, mobility and metaverse offer strategic advantages.
“The metaverse is both a live network space where movies, music, anime, and games intersection and expand as well as a social space,” said Yoshida.
Early in the year, the company acquired Bungie at a mouth-watering $3.4 billion and pumped an extra $1 billion into the creators of Fortnite, Epic Games purchase and Honda partnership as key moves.