Sony Interactive Entertainment (SIE) has confirmed that it’s significantly boosting investment in the development of new intellectual properties.
In its fiscal year ended in March 2020 (FY19), PlayStation Studios invested 23% of its development budget in new IP and 77% in existing franchises.
During its current fiscal year (FY22), 34% is being invested in new IP and 66% in established properties.
Speaking on Thursday, SIE CEO Jim Ryan said that by FY25, the company plans the split to be 50/50.
“New IP is the lifeblood of all entertainment and SIE is significantly increasing the amount that it is spending in this space,” he said (transcribed by VGC) during a PlayStation business briefing.
“From less than a quarter of the total spend in FY 2019, we will augment the proportion invested to 50% of a much larger number by FY25, investment that we anticipate will yield significant returns in the second half of this decade.”
By FY25, Ryan also said the company expects half of SIE’s releases to be on PC and mobile.
During the same presentation, Ryan said Sony will release two unannounced live service games during its current fiscal year, and that it plans to have more than 20 games ready for the launch of PlayStation VR 2.
Despite some launch issues, he also claimed the initial market reaction to the new PlayStation Plus service has been “extremely positive”.
Sony Pictures Entertainment also announced on Thursday that the company is working on TV adaptations of God of War, Horizon and Gran Turismo.