Sam Nussey

TOKYO, (Reuters) – Japanese conglomerate Sony Group Corp stated that it was well-positioned for a leadership role in the metaverse. These immersive virtual worlds are speculated to disrupt many industries and create new powers.

The concept of the metaverse, a loose term that encapsulates the notion that people will be spending more time online in simulated worlds, is vague. The concept continues to evolve, but it is now a common buzzword within industry briefings as well as a driving factor in dealmaking.

“The metaverse” is a live social network and social space that mixes music, video, and anime. Chief Executive Kenichiro Yoshida spoke at Wednesday’s strategy briefing. He referred to Fortnite, an Epic Games free-to play battle royale, as an online social platform.

Sony’s video, movie and music unit contributed to two-thirds in operating income during the period ended March. It is a sign of Sony’s evolution from an electronics company into a multiverse ready entertainment powerhouse under Yoshida or Kazuo hirai.

With its PlayStation 5 console the company is considered a gaming gatekeeper. However, many observers are concerned about the growing influence of cloud-based, cross-platform titles.

Sony has changed its strategy, making it possible to play Fortnite cross-platform in 2018. Epic announced this week that V-Bucks, the in-game currency Epic purchased from PlayStation, would work on all other platforms.

Epic CEO Tim Sweeney stated that PlayStation played an important role in the “social gaming revolution” and encouraged the growth of the new metaverse. (NYSE:)

Sony is also expanding beyond single-player games like “Spider-Man: Miles Morales”. In January, Sony announced a deal to acquire Bungie (the developer of the online multiplayer shooter “Destiny”)

Yoshida declared, “We think it will be an advantge to improve our live-service game capabilities… It) represents a significant step forward in becoming Multi-platform.”

Sony has already licensed its content to third-party platforms and is making money from streamers for content such as the U.S. sitcom, “Seinfeld”. Although the company owns Crunchyroll, the streaming anime service from Crunchyroll, the firm hasn’t been as determined in launching its own video platforms like Walt. Disney Co and its Disney+ service.

Yoshida staked Sony’s claim beyond the metaverse by developing an electric vehicle together with Honda Motor Co Ltd.

Yoshida noted that Sony launched the Walkman in 1979, creating a whole new style.

He stated that “We aim to transform the mobility space into an entertainment space… We believe Mobility will be the next big trend.”