(qlmbusinessnews.com Wed 28th Feb, 2024) London, UK —
“Gaming Giant Sony Initiates Layoffs: 900 Jobs Cut as PlayStation London Studio Shuts Down”
Sony Interactive Entertainment, the gaming division of Sony, has announced plans to cut 900 jobs globally, representing an 8% reduction in its PlayStation workforce. Alongside layoffs in the US and Japan, the company disclosed the closure of its London Studio.
In a blog post addressing employees, CEO Jim Ryan described the decision as “sad news” and acknowledged the difficulty of the situation. He expressed regret over the restructuring but emphasized the necessity of tough choices for the company's future.
The move follows a recent trend in the gaming industry, with Microsoft's gaming division also announcing layoffs, including those at the newly acquired Activision-Blizzard. Halli Bjornsson, head of UK developer Lockwood Publishing, highlighted the significance of Sony's decision, particularly the closure of the renowned Sony London studio, a prominent figure in UK game development.
Founded in 2002 through the merger of two London-based studios, Sony's London Studio has been responsible for creating popular titles such as SingStar and This Is Football. Additionally, it has developed exclusive virtual reality (VR) games for Sony's headset, including VR Worlds and Blood & Truth.
Despite the success of PlayStation 5, which has sold over 50 million units worldwide, Sony's gaming division faces challenges. The company expects to sell fewer consoles than initially projected, and while revenue has increased, operating income has declined.
Piers Harding-Rolls, gaming industry analyst at Ampere Analysis, attributed these challenges to the escalating costs of game development and the shifting dynamics of the post-pandemic market.
As Sony Interactive Entertainment navigates these changes, the gaming industry continues to adapt to evolving consumer trends and market conditions.
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