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    6758   JP3435000009

SONY GROUP CORPORATION

(6758)
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Delayed Japan Exchange  -  02:00 2022-06-28 am EDT
11600.00 JPY   +0.83%
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Sony shifting focus to metaverse to harness gaming, music expertise

05/18/2022 | 05:08am EDT

Sony Group Corp. said Wednesday it plans to expand its presence in the metaverse to lay its claim in the new entertainment realm, drawing on its expertise developed in gaming and music.

The Japanese entertainment giant said at a corporate strategy briefing that it will focus on the metaverse -- an all-encompassing virtual world in which people can socialize, work and play.

"The metaverse is simultaneously a social environment, as well as a live networking space where gaming, music, films and anime intersect," Sony Group CEO Kenichiro Yoshida said during the presentation.

The shift in focus to the metaverse comes after the tech leader in April additionally invested $1 billion in Epic Games Inc., publisher of the worldwide smash-hit free-to-play battle game "Fortnite," as part of its move into the virtual space.

Sony also said earlier this year that it will acquire Bungie Inc., a U.S. videogame company and developer of the popular "Destiny" first-person shooter game series.

On Wednesday, Sony also said it will accelerate its move toward carbon neutrality, bringing forward its target for achieving its 100 percent renewable energy goal in its operations by 10 years from its initial marker of 2040.

The firm reiterated during the presentation that it is aiming to sell electric vehicles by 2025 through its alliance with Honda Motor Co.

==Kyodo

© Kyodo News International, Inc., source Newswire

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Analyst Recommendations on SONY GROUP CORPORATION
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Financials
Sales 2022 10 010 B 74 064 M 74 064 M
Net income 2022 875 B 6 474 M 6 474 M
Net Debt 2022 634 B 4 689 M 4 689 M
P/E ratio 2022 16,3x
Yield 2022 0,55%
Capitalization 14 224 B 105 B 105 B
EV / Sales 2022 1,48x
EV / Sales 2023 1,36x
Nbr of Employees 109 700
Free-Float 98,0%
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Mean consensus BUY
Number of Analysts 18
Last Close Price 11 505,00 JPY
Average target price 16 118,89 JPY
Spread / Average Target 40,1%
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Managers and Directors
Kenichiro Yoshida Chairman, President & Chief Executive Officer
Hiroki Totoki CFO, Representative Director & Vice President
Makoto Toyoda Chief Information Officer & Executive Officer
Tsuyoshi Kodera Head-Information Systems & Security
Hiroaki Kitano Chief Technology Officer
Sector and Competitors