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Sony Group Corp (NYSE:SONY) CFO Hiroki Totoki admitted that the company, despite its impressive portfolio, lacks enough intellectual properties (IP) that it has "fostered from the beginning."
This poses a challenge for Sony, especially as it seeks to compete with rivals like Nintendo ADR (OTC:NTDOY) and Walt Disney Co. (NYSE:DIS), who have a stronger foundation of homegrown franchises across various media.
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"Whether it's for games, films or anime, we don't have that much IP that we fostered from the beginning," Totoki told the Financial Times. "We're lacking the early phase (of IP) and that's an issue for us."
This admission quickly sparked a wave of nostalgia among PlayStation fans. Many took to social media to share images and memories of beloved, though long-dormant, Sony franchises like Sly Cooper and Resistance.
Totoki's remarks, however, were not limited to gaming. Fans were quick to note that his comment addressed Sony's overall business, which includes films, anime, and other media.
While franchises like The Last of Us have been wildly successful, especially following its critically acclaimed HBO adaptation, Sony's transmedia offerings are sparse when compared to powerhouses like Nintendo, which boasts the enduring appeal of Super Mario and Zelda.
Sony has made attempts to bolster its franchise portfolio through acquisitions and partnerships. One notable example was its failed bid, alongside Apollo, to acquire Paramount Global (NASDAQ:PARA) for $26 billion.
Moreover, in the interview, CEO Kenichiro Yoshida stressed the importance of technology and creativity, suggesting that the company's strength lies in these areas.
"We have the technology, and creation is the area where we like and where we can contribute the most," Yoshida said in a separate interview. "By putting our efforts in creation, that also means that we will work with partners on the distribution side. So I think we have developed very good relationships with the so-called Big Tech players."
This collaborative approach could lead to new opportunities for Sony, particularly in the anime sector. Crunchyroll, a Sony-owned anime streaming service, has been expanding rapidly, with plans to co-produce shows to meet rising production costs.
Crunchyroll's President, Rahul Purini, noted that there are around 800 million anime fans globally, a number he expects could grow to a billion in the near future.
"Given the constraints within the ecosystem, there is an opportunity for various companies, including Sony, to see if there is a way to add additional capacity, bring additional talent, and potentially leverage digital technology in the creation process."
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Image credits: Shutterstock.
