Sony has announced that it’s leaning further into the gaming space — this time, within its own studios.
During its first-quarter earnings call, the company said it will put about $300 million toward beefing up its existing software development and expanding its gaming business for the PlayStation 4 and PlayStation 5.
The strategy will complement Sony’s recent pattern of acquiring and assisting developers.
- Between January and the middle of December 2021, Sony had acquired five studios
- Since the beginning of 2022, Sony has purchased Haven Studios and Bungie.
- And in April, Sony invested $1 billion in Epic Games.
There are likely more acquisitions on the horizon: The company reportedly posted a job for a director of corporate development in the first week of May.
Sony reported $6.8 billion in profit for the fiscal year ending in 2021. The number was a drop of 14%. Sony also did not meet expectations for sales of the PS5, which sold 11.5 million — expectations were set at 14.8. million.
Its fourth-quarter earnings, however, were more positive. The company posted $852.7 billion in net income attributable to the company, up 67%.