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Sony bets high on gaming profits as PS5 sales exceed expectations

Source Cryptopolitan

Sony’s gaming division increased its revenue expectation as it maintains high PlayStation 5 sales with increased user counts.

According to a Bloomberg report, Sony sold 9.5 million PS5 units during the December quarter, a 15% increase from the previous year. Game software sales increased by 7%, and network services jumped nearly 30%, bringing PlayStation online subscribers to an all-time high of 129 million.

Sony’s gaming outperforms its hardware sector.

The company increased its annual revenue outlook by 10% to ¥1.08 trillion ($7 billion), surpassing market predictions.

The Tokyo-based company’s gaming success stems from its significant investments in adding more titles to the PS5 library. According to Kazunori Ito, research director at Morningstar, “This should guarantee profit generation in the next fiscal year and the year after that.”

The company has been focusing on acquiring IPs for the entertainment sector while the smartphone camera sensor business stays stagnant, challenged by ongoing market difficulties.

Hiroki Totoki, Sony’s CEO, has directed the company to transform its gaming approach after leading the company’s efforts toward PC gaming accessories. The company made a mistake when it started developing live-service games, but Concord‘s immediate failure led the company to change direction.

Sony also recently made changes to its leading team. Hideaki Nishino was promoted to sole president of Sony Interactive Entertainment, and Hermen Hulst will manage the studio business group.

PlayStation 5 Pro was an enhanced and high-end version of the PS5 console, upholding its market position. According to Totoki, the PS5 Pro led more than anticipated sales in the December quarter.

Totoki added, “The strong games we have lined up will help build on the PS5’s current momentum into the next fiscal year”.

Sony looks forward to forthcoming major video game releases such as Grand Theft Auto VI from Rockstar Games and Monster Hunter Wilds from Capcom.

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