Sony Group Corporation has published a strategy document that includes its priorities for the music segment.
The company has revealed its ambitions for independent distributors and service operations The Orchard and AWAL, as well as moving further into virtual in-game performances.
Last year Sony invested $1 billion in Fortnite developer Epic Games, as music performance increasingly moved into the metaverse. Sony recording artist The Kid Laroi performed in Fortnite this year. It follows virtual concerts by acts signed to the major including Travis Scott (Fortnite) and Lil Nas X (Roblox).
During the strategy meeting in Japan, chairman and CEO Kenichiro Yoshida spoke on Sony’s management direction, while president, COO & CFO Hiroki Totoki focused on the growth strategies of each business.
NP Singh, managing director and CEO, Sony Pictures Networks India, underlined the expansion of the Sony Group’s business in India and highlighted growth opportunities.
The company said that to strengthen its creativity in areas such as music, films, games and anime, it has focused on getting closer to creators. In terms of content IP, Sony has invested approximately 1 trillion yen [£5.8 billion] over the past five years.
In the virtual space, Sony is leveraging VR and AI to help consumers connect with each other through live service games, live performances by music artists and initiatives that increase sports fan engagement.
Sony aims to connect the virtual and the physical worlds using technologies such as its mobile motion capture system, Mocopi, and its skeletal tracking system. Through its collaboration with Epic Games, Sony is also exploring entertainment possibilities using the Unreal Engine 3D creation tool.
During its fiscal year up to the end of March 2023, Harry Styles’ Harry’s House was Sony Music’s best-selling release globally, followed by Beyonce’s Renaissance and SZA’s SOS.
The parent company has identified four key strategies for music:
- Promote new songs from Sony Music’s wholly owned labels and signed artists to increase market share.
- Expand services for distributed labels centred around The Orchard.
- Ensure early contact with emerging artists through channels such as AWAL.
- Further explore emerging markets, including unearthing local artists.
- Strengthen initiatives to monetise emerging media such as social media and live concerts within games and increase returns for artists.
Sony also wants to increase synergies generated between entertainment businesses. That’s been most obvious so far between game IP TV adaptations such as The Last Of Us, as well as plans for adaptations of PlayStation titles Gran Turismo and Twisted Metal.
The company also underlined the role of diversity within its global strategy.
“Through diverse individuals sharing their knowledge and activities beyond boundaries, evolving our business diversity, and connecting organically, Sony aims to achieve further growth and enhance long-term value across the overall Sony Group,” said a statement.
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