Published , by Donovan Erskine
Published , by Donovan Erskine
Over the last year, Sony has made a couple of big business splashes with its acquisitions of Bungie and Firewalk Studios. Today, the company released its latest earnings report, which not only featured updates about its video game division, but specifically the state of its acquisitions. Sony announced that it is increasing its acquisition budget by 20 percent for the fiscal year 2023.
The news can be found on page 8 of Sony’s earnings report for the full fiscal year 2022, which ended on March 31, 2023. While the report covers many facets of the Japanese corporation, it’s the acquisition budget news that really stands out. Sony will increase its acquisition budget by 20 percent in 2023. The company states that this directly relates to its $3.6 billion acquisition of Bungie, which was announced last year.
The budget increase to Sony’s acquisition budget will likely be used to fund the ongoing development of Destiny 2, and/or some brand-new projects. Bungie has already alluded to future projects, and it makes sense that Sony would want to expand its library of first-party titles through its newly acquired studio. This news also opens the door to potentially more acquisitions throughout the financial year. As rival Microsoft looks to appeal the decision on its proposed Activision Blizzard acquisition, Sony could make another splash and add a valuable studio to its roster.
The news about Sony’s acquisition budget increase was just one piece of information to come out of the company’s earnings report for the last fiscal year. The report also revealed that the PS5 sold a record 6.3 million units in Q4 2022. For more news on Sony and any potential business moves, stick with us here on Shacknews.