Sony To Enter Metaverse Soon

Entertainment giant Sony said Wednesday (May 18) that it is prepared to take a key role in the immersive virtual world known as the metaverse.

“The metaverse is at the same time a social space and live network space where games, music, movies and anime intersect,” said Chief Executive Kenichiro Yoshida, according to Reuters.

He was speaking at a strategy briefing and cited the free-to-play game Fortnite by Epic Games as an example of the type of online social space the metaverse will encompass.

Reuters noted that two-thirds of Sony’s operating income last year came from its movie, music and gaming projects, which illustrates the company’s shift from a consumer electronics manufacturer to a “metaverse-ready entertainment juggernaut.”

The report also pointed out that Sony has been adjusting its approach to gaming, allowing cross-play on Fortnite for the past four years and recently letting Epic Games’ V-Bucks currency, purchased on the Sony PlayStation, to be used on other platforms.

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

And Sony has also expanded its focus beyond single-player video games like “Spider-Man: Miles Morales,” with a deal announced in January to purchase Bungie, maker of online multi-player shooter “Destiny.”

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.