Giant

<p>Sony Group announced on Tuesday that the firm will be cutting jobs from its video gaming department. According to reports by <a rel="nofollow" href="https://finance.yahoo.com/news/sony-cuts-900-jobs-gaming-133120945.html?ncid=twitter_yfsocialtw_l1gbd0noiom" target="_blank">Bloomberg</a>, Sony will be laying off around 900 people, or roughly 8% of the workforce. The reason for the job cuts arose on the ground of “game companies facing a post-pandemic spending slowdown”. The company, which previously ventured into blockchain-based video games, will see some of its biggest names face the wrath of these layoffs.</p> 
<h2 id="sony-announces-layoffs-plans-closing-of-a-group">Sony Announces Layoffs; Plans Closing of a Group</h2> 
<p>Sony Group Corp. plans to close a group in London and lay off 900 workers globally, or around 8% of its workforce, in its video game division. According to Bloomberg reports, in a note to employees on Tuesday, Jim Ryan, the president and chief executive officer of Sony Interactive Entertainment, stated,</p> 
<blockquote>
 <p>“After careful consideration and many leadership discussions over several months, it has become clear changes need to be made to continue to grow the business and develop the company.”</p>
</blockquote> 
<p>Sony announced that three 3 of its most successful subsidiaries, the game developers Insomniac (the company behind Spider-Man), Naughty Dog (The Last of Us), and Guerrilla Games (Horizon), will also be impacted by the layoffs. The virtual reality games and SingStar series are the main draws of Sony’s <a href="https://coingape.com/elon-musk-says-hell-look-into-playstation-and-xbox-cutting-x-integration/" target="_blank" rel="noopener">PlayStation</a> London, are also closing.</p> 
<p>The manufacturer of PlayStations previously made significant investments in online games. It is intended for long-term revenue streams known as “games as a service.” However, there is now too much competition in this industry, and many of the games have failed. Spider-Man and The Last of Us online games were just terminated by Sony.</p> 
<h2 id="sony-s-venture-into-blockchain-games">Sony’s Venture into Blockchain Games</h2> 
<p>The multinational corporation Sony had declared its intention to create a <a rel="nofollow" href="https://www.linkedin.com/pulse/sonys-new-blockchain-venture-aims-connect-souls-across-generations/" target="_blank">blockchain-based</a> network that aimed to “connect souls across generations.” To establish the network, the corporation had partnered with Singapore-based blockchain technology company Startale Labs.<br> With its headquarters located in Singapore, the joint venture was known as Sony Network Communications Labs Pte. Ltd. Its main goal was to be a creator of the Web3 network which could also facilitate blockchain-based video games.</p> 
<p>With a hit to its video gaming department, Sony’s blockchain wing will also be affected.</p> 
<h2 id="sony-not-alone-in-layoffs-as-boarder-market-grapples-with-issues">Sony Not Alone in Layoffs as Boarder Market Grapples with Issues</h2> 
<p>Tech businesses are still <a rel="nofollow" href="https://www.fastcompany.com/91017148/video-game-layoffs-2024-microsoft-riot-twitch-unity-activision-blizzard-latest" target="_blank">suffering</a> greatly from widespread layoffs, particularly in their gaming sections that grew to fulfill demand during the pandemic. Giant gaming companies are currently shrinking to reflect a slowing sector. According to VideoGameLayoffs.com, layoffs have reportedly affected 3,770 gaming professionals thus far this year. The extensive post-pandemic layoffs at gaming companies have impacted 8,500 employees&nbsp;in 2022 and roughly 10,500 positions in 2023.</p> 
<p>The post <a href="https://coingape.com/sony-announces-job-cuts-for-gaming-division-is-web3-to-blame/">Sony Announces Job Cuts for Gaming Division; Is Web3 to Blame?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Sony Announces Job Cuts for Gaming Division; Is Web3 to Blame?

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