Sony prepared to take a key role in the metaverse
Sony announced that it is ready to play a vital role in the immersive virtual world known as the metaverse.
A metaverse is a social place and a live network space where games, music, movies, and anime collide. Sony has been modifying its approach to gaming for the past four years, enabling cross-play on Fortnite and lately allowing Epic Games’ V-Bucks cash, acquired on the Sony PlayStation, to be used on other platforms. Sony has also broadened its attention beyond single-player video games like “Spider-Man: Miles Morales” with the acquisition of Bungie, the maker of the online multiplayer shooter “Destiny,” revealed in January.
Last month, Sony and the owner of Lego invested $2 billion in Epic Games, increasing the company’s valuation to $31.5 billion.
This investment was made to strengthen the metaverse connection Epic forged with Lego in early April. It comes when many tech businesses are attempting to establish their presence in these virtual worlds.
Disney is working on a metaverse strategy, meeting with futurists, tech executives, and metaverse executives on a project dubbed “next-generation storytelling.”
Sony’s entertainment services focuse on gaming and music, in which the world-renowned technology has a controlling stake. The PlayStation system line, particularly the newest PS5 model, and the Sony Music Entertainment company are specifics. The music division is the second largest “Big Three” record label. Sony Music Entertainment is second to Universal Music Group but first to Warner Music Group.
Sony’s PlayStation 5 has firmly established the dominant consumer electronics corporation atop the conventional gaming market. It is partly owing to the gaming brand’s extensive selection of appealing unique gaming games. However, many anticipate that cross-platform, cloud-based products will eventually undermine this stranglehold. Continuous market development for these platforms can potentially lessen the impact of proprietary systems. Despite this, Sony sees an opportunity here. Rather than resisting the transformation, the corporation wishes to be at its vanguard.
