The prominent media unit, Sony Interactive Entertainment has announced the acquisition of the popular game developing firm, Bungie Inc. The original creator of the fan-favourite “Halo” video game will join the PlayStation family of Sony.
This deal was valued at a whopping $3.6 billion through which Bungie will function as an independent and multi-platform firm under Sony Interactive Entertainment and will be managed by its original CEO Pete Parsons. This collaboration with the legendary game developing brand will enhance the outreach of Sony’s gaming console PlayStation to numerous avid gamers across the globe. On the other hand, Bungie would utilize the technological giant’s high-quality infrastructure and vibrant ecosystem to develop new games such as ‘Destiny 2’.
Hermen Hulst, Head of PlayStation Studios, gave his insights on the association and said, “I am absolutely thrilled to announce a new member will be joining the PlayStation family! Bungie makes games with outstanding technology that are enormously fun to play. I have spent a great deal of time with the senior team at Bungie and it is clear their experience and skills are highly complementary to our own. We will be ready to welcome and support Bungie as they continue to grow, and I cannot wait to see what the future holds for this incredible team.“
Pete Parsons, CEO of Bungie, also put forth his comments on the acquisition which said, “In Sony, we have found a partner who unconditionally supports us in all we are and who wants to accelerate our vision to create generation-spanning entertainment, all while preserving the creative independence that beats in Bungie’s heart. Like us, Sony believes that game worlds are only the beginning of what our IPs can become. Together, we share a dream of creating and fostering iconic franchises that unite friends around the world, families across generations, and fans across multiple platforms and entertainment mediums.”
The video game sector has grown immensely in recent years due to the pandemic and is on a run to achieve $150 billion in the financing, signings and IPOs in 2022 as stated by Drake Star Partners. While talking about the increasing competition in the gaming industry, Piers Harding-Rolls, the gaming analyst at Ampere Analysis commented on this huge deal and said, “While this is one of Sony’s biggest-ever acquisitions, the amount paid by Microsoft puts into context the heavy competition faced in this sector.”
Sony and Microsoft have always competed fiercely to become the leading video game brand in the gaming industry. Recently, Microsoft acquired Activision Blizzard in a record-breaking deal to strengthen its brand portfolio. Sony also held some strong commercial moves by roping in Valkyrie Entertainment, Firesprite and Housemarque under its umbrella.