Sony aims to become a leader in the Metaverse space as it focuses on cross-platform gaming

Japanese conglomerate Sony said it is well-positioned to play a leading role in the metaverse, or immersive virtual worlds, which commentators are speculating will massively disrupt the industry and create new powerhouses.

The metaverse is a vague term that encapsulates the idea that consumers will spend more time in simulated online environments.

As the concept evolves, it has become a buzzword in briefings and a driver for dealmaking in the industry.

“The Metaverse is simultaneously a social space and a live network space where games, music, movies and anime intersect,” Chief Executive Kenichiro Yoshida said at a strategy briefing yesterday, noting the use of free-to-play Battle Royale titles Fourteen days by Epic Games as an online social space.

Sony’s gaming, music and film units contributed two-thirds to operating income for the March-ended year, underscoring the group’s transformation from a consumer electronics maker to a Metaverse-enabled entertainment juggernaut under Mr. Yoshida and his predecessor Kazuo Hirai.

The company is a gaming gatekeeper with its PlayStation 5 console, but observers note the risk posed by the growth of cross-platform, cloud-based titles and their potential to lessen the impact of proprietary platforms.

Sony has adjusted its approach and made cross-play-in possible Fourteen days in 2018. This week, Epic said that “V-Bucks” in-game currency purchased on PlayStation could be used on other platforms.

“PlayStation has played a huge part in the social gaming revolution fueling the growth of the metaverse as a new medium of entertainment,” Epic CEO Tim Sweeney said on Twitter.

Sony has also taken steps to move beyond its focus on single-player titles such as Spider-Man: Miles Moraleswith a deal announced in January to buy Bungie, developer of the online multiplayer shooter determination.

“We believe it will be a catalyst to improve our live service gaming capabilities… (It) represents a big step forward to become multi-platform,” Mr. Yoshida said.

Sony already licenses its content to other platforms, reaping the value for streamers of content like the popular US sitcom His field.