On September 3rd, Sony announced that Concord would be going offline and players refunded. However, the company’s CEO, Kenichiro Yoshida, in a recent interview with Financial Times said they will transition from distribution to creating more intellectual properties (IPs) as they aim to become a global entertainment company rather than just a consumer electronics brand. But does Sony need new IP or should they resuscitate their old IPs?
Sony CEO, Kenichiro Yoshida
“We have the technology and creation is the area where we like and where we can contribute the most,” Yoshida said.
The Sony chief hinted the company will not entirely abandon its consumer electronics division. According to him, their creators can still use the company’s consumer electronics including sensors and cameras in production.
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In the last six years, Sony has sunk over $10 billion into its music, movies, and games. The three business segments bring over 60% of the company’s annual revenue. The transition means Sony will now directly compete with Amazon, Apple, and Netflix in the content space.
“By putting our efforts in creation, that also means that we will work with partners on the distribution side,” Yoshida said. “So, I think we have developed very good relationships with the so-called Big Tech players.”
Sony’s chief financial officer Hiroki Totoki believes the company needs more IP to successfully make that transition. In his words, “Whether it’s for games, films, or anime, we don’t have that much IP that we fostered from the beginning. We’re lacking the early phase (of IP) and that’s an issue for us”.
Atul Goyal, an analyst with Jefferies highlighted the importance of creating new IPs or buying new ones for Sony as they transition to an entertainment company.
“One thing that you need is IP, that is step on. If you don’t start creating or buying in those that do, then the risk is someone else will do it. So, the risk is not doing anything.”
Does Sony need more IP to succeed as an entertainment company?
In 2021, Sony acquired Crunchyroll, an anime streaming service. It is believed that Sony can generate higher returns from its anime portfolio with Crunchyroll—which now releases about 200 titles annually, double what it could four years ago. Movie fans are mostly craving new experiences and when Sony says it doesn’t have enough IP to compete in that regard, they are right.
In the FT report, Crunchyroll president Rahul Purini said that anime fans are growing which means more IPs to satisfy them. “Some of our research shows that there are over 800 million fans globally,” Purini said, “and there is going to be a billion over the next few years.”
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Video game is tricky and the market is almost unpredictable—and differs significantly from cinema audiences. Going back to the first generation of the PlayStation, Sony has amassed a wide catalog of IPs which many believe can be revived for the current generation consoles. For example, Bloodborne attracted multiple fans and won several awards but nothing has been heard about it after the PS4 era.
In video games, simply churning out IPs doesn’t guarantee success. For example, Sony had to shut down Concord in just around two weeks of release, after sinking around $100 million into the game.
Companies like Capcom leverage its already successful IPs and continue to recycle them in the form of remakes and remasters for the current-gen consoles. In a survey held earlier this year, Capcom even asked their fans which of their old IPs they want revived. Sony can take the same approach rather than trying to create more IPs.
Which IPs can Sony revive instead of creating new ones?
Going back in time, there is a long list of PlayStation games that fans are either yearning for a remake or a sequel which are lying dormant. We are going to highlight a few.
MediEvil
This was one of the games we enjoyed playing on PlayStation 1. The 1998 release featured a skeleton warrior who could use any part of his body as a weapon. Although the game was praised for its innovative gameplay and visuals, it was criticized for having poor controls and camera. Sony can take the best of the game and reinvent it for the current-gen consoles—and fans would be most pleased.
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inFAMOUS
Sucker Punch Productions has forgotten about inFAMOUS which was arguably their breakout hit. After the release of inFAMOUS: First Light in 2014, nothing was heard about the series again. How do you fancy the resuscitation of the series? Let us know in the comment box below.
The Order: 1886
While the game from Ready at Dawn had a mixed reception, playing it again, we believe it was way ahead of its time. Although released in 2015, its visuals still rival those of many games produced today. A few tweaks here and there and this game is bound to shine.
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Days Gone
Every now and then, the Days Gone trend on social media, and it is because players are anticipating a sequel. The 2019 release from Bend Studio was a masterpiece—although the reviews don’t do it justice. However, you need to play it to fully appreciate what it has to offer.
Bloodborne
This is another classic that fans wish they can have more of. Developed by FromSoftware and published by Sony Computer Entertainment in 2015, the franchise has a lot more possibilities that are not explored at the moment. It had an aggregate score of 92 on Metacritic.
The Last Guardian and Killzone Shadow Fall are two other IPs that can be revived. Nevertheless, it is easy to understand the concerns of Sony’s executives, especially after Microsoft acquired Activision Blizzard and all the IPs under their umbrella.
So, do you think Sony executives are right that the company needs more IPs or do you prefer the revival of old hits for the current-gen consoles? Share your thoughts in the comment box below.
