Tag: Business - Page 4
News Sony Remains Profitable in Q1 2013, PlayStation Sales Slide
Platform holder keeping PS4 expectations quiet
New gaffer Kaz Hirai has kept Sony’s head above water for yet another earnings report, with the company posting a ¥3.5 billion ($35 million) profit for the first quarter of 2013. The teensy return was propelled by a 13 per cent increase in revenue, which was fuelled by stronger than expected...
News This Is What Kaz Hirai's Been Up to Over the Past 12 Months
Smiles and suits
Since stepping into the big office at Sony Corp, Kaz Hirai’s presence has been diminished across the gaming division. The former PlayStation president now has much bigger fish to fry than petty console disputes, such as the health of a stumbling corporation. Fortunately, the executive’s not been wasting his time playing Rid
Talking Point Is Free-to-Play the Future for PlayStation 4?
Thinking different
In theory, you won’t need to spend a penny on software when you pick up your shiny new PlayStation 4 on launch day. While there will be boxed blockbusters vying for your attention, all flaunting familiar price stickers – unless the executives at EA get their way – the console will also be complemented by a handful of...
News Razer's Boss Cuts PS3 to Shreds, Explains Lack of Support
Hardware manufacturer skips system because it's not a fan
If you’re hoping to snap up some Razer accessories for your PlayStation 3, then you’re bang out of luck – the third-party manufacturer doesn’t support Sony’s console because its gaffer isn’t a fan of the platform. Writing on Twitter earlier in the week, Min-Liang Tan explained...
News PlayStation TV Trademark Suggests That Sony's Got Square Eyes, Too
Microsoft's not the only platform holder looking at the bigger picture
Sony’s kept its messaging regarding the PlayStation 4 fairly restricted to games since the console’s initial unveiling. It’s been the right strategy – unlike Microsoft, the company seems to understand that it needs to capture the enthusiasm of its hardcore fanbase before...
News Sony's First-Party PlayStation 4 Games Won't Break the Bank
Tried and tested
Sony won’t charge you more to get your greasy mitts on first-party software for the PlayStation 4. In a brief exchange with Shacknews, a representative for the platform holder explained that all four of its impending launch window games will retail for $59.99, the same as on the PlayStation 3. Those titles include DriveClub,...
News Hitman Developer Struck with Layoffs as Studio Refocuses on Franchise
Kane and Lynch keeping out of trouble
You can kiss goodbye to any hopes of a Mini Ninjas sequel. A spokesperson for Square Enix Europe has told Games Industry International that Danish developer IO Interactive has had all of its projects cancelled and its workforce cut in half as it refocuses on the Hitman franchise. In the process, former...
News Sony's Share Prices Soar Following the Xbox One Reveal
Microsoft stocks consequently decline
It seems that many investors were left feeling a little cold after the recent Xbox One reveal, causing a shift in company shares shortly after Microsoft's conference had ended. The event had attempted to usher in a new generation of gaming with brand new hardware, a redesigned controller, updated Kinect camera,...
News Kaz Hirai Steers Sony to First Profit in Five Years, PlayStation Sales Decline
Still work to be done
Sony gaffer Kaz Hirai has successfully steered the electronics giant back into the black. The company announced its first profit in five years earlier today, revealing a net income of ¥43 billion ($458 million). The figure certainly makes for pleasant reading compared to the enormous ¥456.7 billion ($4.6 billion) loss that...
News Sony Doesn't Expect to Sell Many PlayStation Vitas Over the Coming Year
Forecasts look bad for the struggling system
Sony as a whole may look in much better shape under the guidance of new CEO and former SCE president Kaz Hirai, but the outlook does not seem quite as good for the PlayStation Vita. Speaking as part of an earnings call earlier today, the firm revealed that it only expects to sell 5 million portable...
News PlayStation 4 Will Be More Profitable Than Its Predecessor
Platform holder not expecting big losses
Sony doesn’t expect the PlayStation 4 to nuke its bank balance to quite the same degree as the PlayStation 3. Those of you that were around at the start of the generation will recall the manufacturer’s current console almost crippling the company, even in spite of its exorbitant launch price. Fortunately,...
News Sony Doubles Profit Forecasts Ahead of Financial Report
Holding out for a Hirai
After years of reporting on Sony’s slumping sales, it looks like the company may finally be on the ascension. Games Industry.biz notes that the Japanese conglomerate has doubled its profit forecast for the fiscal year that ended on 31st March, raising the tally from ¥20 billion ($201m) to ¥40 billion ($403m). That’s a...
News Darksiders, Red Faction, and Other THQ Assets Purchased by Nordic Games
Gavel gazing
Death’s gigantic hammer has fallen on deceased publisher THQ’s remaining assets, deeming Nordic Games the new owner of Darksiders, Red Faction, and various other properties. The publisher paid a whopping $4.9 million for the assortment pack of IP, also grabbing MX vs. ATV, Destroy All Humans, and Marvel Super Hero Squad in the...
News Yoichi Wada Exits Square Enix Following 'Extraordinary Loss'
Final Fantasy maker down on its luck
John Riccitiello is not the only high-profile video game executive to be heading for the exit door, as Square Enix gaffer Yoichi Wada has been ousted from the company following a dire financial forecast for its current fiscal year. The outgoing boss had been in the job since 2000, but he’ll now be replaced by...
News Former Sony CEO Howard Stringer to Retire in June
Brave new world
Sony chairman and former chief executive officer Howard Stringer has announced that he will retire from his position within the firm in June. The Welsh businessman announced his departure as part of a speech at the Japan Society in New York City last week, where he revealed that he will turn his attention to the healthcare and...
News Retailer: PlayStation 4 Will Revive the UK's Flagging Market
Pre-orders for the next generation platform performing extremely well
UK retailer GAME believes that the impending PlayStation 4 will successfully resurrect the nation’s troubled video game market. Chatting with VideoGamer.com, category director Charlotte Knight explained that pre-orders for the platform are “performing very well” at the...
News Sony Sells Shares in Online Gaming Firm for $440 Million
Platform holder freeing up assets
As part of an ongoing effort to stabilise its financial footing, Sony has announced that it’s selling its shares in Japanese online gaming firm DeNA for around $440 million. Games Industry.biz reports that Nomura Securities are poised to snatch up the 17.72 million shares, which will add a few more zeroes to the...
News Kellee Santiago Backs Ouya, Takes Developer Relations Role
Starting a new journey
Do you remember Ouya? The Android-powered console took Kickstarter by storm earlier in the year – and it’s just added a fairly high-profile name to its list of backers. Journey developer and thatgamecompany co-founder Kellee Santiago has signed up to lead developer relations, where she’ll be responsible for helping...
News Polyphony Digital Contributed to the Construction of PS4 and Vita
Pit stop
Gran Turismo developer Polyphony Digital's next game may not be for the PlayStation 4, but the Japanese team still had input into the development of the next generation console and the PlayStation Vita. Speaking in an interview with 4gamer, Worldwide Studios president Shuhei Yoshida talked briefly about the studio’s role in the production...
News PlayStation 4 Games Will Cost Between $0.99 and $60
Next generation's not going to break the bank
Sony Computer Entertainment America president Jack Tretton doesn’t believe that next generation games will cost more than $60. Speaking as part of an interview with CNBC, the likeable executive explained that software for the impending PlayStation 4 will cover a wide range of price-points, including...
News Take-Two Wrestles WWE License from Defunct THQ
Pinned down
Take-Two is half a tap away from taking control of the WWE license. A report published shortly after the untimely demise of former holder THQ had pegged the publisher as the new ringleader for the bizarrely popular franchise, but the firm's now issued an official statement confirming the news. "At this time, the agreement is pending...
News Ex-Microsoft Executive Details Heated Relationship with Sony
Furrowed brows
Xbox only exists because of Microsoft and Sony’s heated relationship. That’s according to former executive Joachim Kempin, who was vice president of Windows Sales at the firm. Chatting with IGN, the outspoken suit explained that the computing company wanted to tackle PlayStation head-on due to the bad blood between the...
News Sony Cuts Losses, PlayStation Sales Tumble
Ups and downs
It looks like the appointment of Kaz Hirai has worked wonders for Sony. The recently recruited president promised to decrease losses when he took over the role in April last year, and he’s done a decent job. The company as a whole recorded a net loss of ¥10.8 billion ($115 million) for its fiscal third quarter ending 31st December,
News Sony Severs Ties with PlayStation All-Stars Developer
Walking away
Despite the likelihood of a sequel seeming fairly high, Sony has confirmed that it has ended its relationship with PlayStation All-Stars Battle Royale developer SuperBot Entertainment. The platform holder confirmed the news in a press release earlier this evening, adding that its Santa Monica studio will continue to support the release...
News How Much Money Did Grand Theft Auto V Cost to Make?
Rich man's world
Have you ever wondered how much a game like Grand Theft Auto V costs to make? We don’t have official figures, but Sterne Agee analyst Arvind Bhatia suspects that the sum is around $137.5 million. The forecaster deduced the enormous number via a “hypothetical probability model”, assuming that around 250 people worked on the...
News Warren Spector's Junction Point Reaches the End of the Line
Mickey mania
After the reportedly dire sales of Epic Mickey 2, it’s perhaps not surprising that Disney has decided to shutter developer Junction Point today – but that doesn’t make the news any easier to swallow. The publisher, currently wrapped up in the production of Disney Infinity, confirmed the closure earlier this evening, citing its...
Rumour Take Two Wrestles the WWE License from THQ
Blood, sweat, and tiny pants
While the majority of THQ’s franchises found new homes yesterday, there’s still been no official word on the future of the WWE license. Early rumours suggested that EA had picked up the lucrative contract, but that’s been countered by an IGN report which claims that Take Two made a last minute bid for the series...
News THQ's Assets Are Divided, Deep Silver Snatches Saints Row
Thanks for the memories
The auction for THQ’s assets has concluded, with the publisher closing up shop as a result. After a gruelling 22 hour auction process, intermediaries decided that individual bids would net a greater cash return for the debt riddled company, resulting in the demise of the once prolific publisher. The new owners of many of...
Opinion Warner Bros Is the Perfect Fit for Saints Row
Grand theft auto
As we type, various companies and venture capitalists are picking at the bones of fallen publisher THQ. The organisation’s assets are being auctioned off individually, meaning it’s entirely possible that the likes of Homefront, Red Faction, and
News Sony Selling Its New York Headquarters for $1.1 Billion
Chunk of change
In a move that has seen the company’s share prices surge by a whopping 12 per cent, Sony has announced that it has agreed to sell its New York headquarters to the Chetrit Group for a whopping $1.1 billion. The electronics manufacturer will continue to operate out of the 37-story building for the next three years, after which it...
Rumour Ubisoft Could Publish the Next Saints Row Game
Assassin's greed
There’s just enough time for one more rumour before the games industry closes down for Christmas. According to sources close to MCV, Ubisoft is plotting a bid for THQ’s assets. If successful, the French company would control all of the struggling publisher’s studios and intellectual property, including franchises such as...
News THQ Selling Assets, Files for Chapter 11 Bankruptcy
Oh no
The writing’s been on the wall for a while, but publisher THQ has filed for Chapter 11 bankruptcy today. The company’s currently in the process of selling all of its assets to Clearlake Capital Group, a private equity firm. Once complete, Clearlake will control “THQ's operating business, including THQ's four owned studios and games in...
News Analyst: Sony May Need to Cut the PS Vita's Price Drastically
All aboard
Despite the PlayStation Vita showing serious signs of life during Black Friday week, industry analyst Billy Pidgeon has admitted that Sony may need to “drastically” slash the price of the device in order to resurrect its fortunes. The pundit pointed to Nintendo’s 3DS price drop, adding that if “the [system's] install base remains...
News Analyst: Call of Duty: Black Ops 2 Sales Are Cause for Concern
Industry may as well pack up
Sales for Call of Duty: Black Ops 2 are trending 15 per cent lower than last year’s Call of Duty: Modern Warfare 3, an analyst has claimed. Arvind Bhatia of financial firm Sterne Agee noted that the sales for last year’s title were already 5 per cent lower than the original Call of Duty: Black Ops, indicating that...
News Sony's Stocks Downgraded to 'Junk' By Credit Ratings Agency
Make believe?
Credit ratings agency Fitch has downgraded Sony’s stocks to ‘junk’ status, according to a report by the Financial Times. The firm dropped the conglomerate’s investment-grade score to BB-, indicating that the company is vulnerable to defaulting on debt. Fellow manufacturer Panasonic was reduced to BBB-. “This wasn't an easy...
News Have You Ever Wondered How Sony Could Afford Gaikai?
Convertible bonds
Sony is supposedly a shuffling financial wreck, but it still stumped up the $380 million required to acquire Gaikai. That doesn’t quite add up. Indeed, it turns out that the company is not quite as broke as it seems, having recently offloaded a slew of convertible bonds to the tune of $1.9 billion. A third of that cash will be...
News EA Resurrects Gothenburg Studio as Ghost
Will haunt your hardware soon
EA’s new Gothenburg studio has been renamed Ghost, according to a snazzy makeover on its website. The team is thought to be working on a next-generation entry in the Need for Speed series, with legendary producer Alan Baker at the helm. Former DICE executive Marcus Nilsson is currently in charge of the new developer...
News Andrew House Is Quickly Becoming One of the Most Important People in Sony
New roles
Andrew House has continued his rapid ascension through Sony's corporate hierarchy by being named as the new president of Sony Network Entertainment. The affable executive will replace Tim Schaaff, who is set to retire on 31st December. The former SCEE boss will juggle the role alongside his current commitments as the CEO of Sony Computer...
News THQ Delays Its Entire Upcoming Line-up, Seeks Additional Capital
Gulp
Things sure aren't looking particularly rosy for troubled publisher THQ. Despite cutting its operating losses to $19 million compared to last year's terrifying $97 million, the company still can't catch a break. During a financial briefing earlier this evening, the organisation reported net sales of $107 million – before delaying its entire...
News Sony Is Slashing 2,000 Jobs in Japan
Cost cutting
Sony has announced that it will cut 2,000 jobs in Japan via an “early retirement” scheme. The Next Web notes that the cuts are set to affect the company’s head office the hardest, with 20 per cent of employees set to depart by the end of the year. The move will apparently save the manufacturer a whopping ¥30 billion (roughly $378...
News Sony Struggling to Secure Third-Party Content for Vita
Keep calm and carry on
According to an Official PlayStation Magazine interview with the brutally honest Shuhei Yoshida, Sony is struggling to secure third-party support for the PlayStation Vita. The system's sales have stumbled since release – a factor which may be contributing to the uncertainty. “We’re having a more difficult time than we...
News THQ Shelves Guillermo Del Toro's inSANE
Not exactly crazy
In arguably the most unsurprising turn of events, THQ has ceased development on Guillermo Del Toro's inSANE and returned the rights to the Mexican director. The information was announced during THQ’s quarterly financial call overnight, in which the troubled publisher actually exceeded expectations. It recorded a net income of...
News UK Retail Software Sales Slump to Lowest Ever Tally
Gulp
Retail software sales in the UK smashed records last week – by sinking lower than they’ve ever sunk before. MCV reports that 394,688 games were sold during the seven day period, generating just £8.4 million. It’s not entirely surprising that the figures dipped so dramatically – the games industry is essentially on holiday, and...
News David Perry Pushing for Core Focus with PlayStation 4
Lip service
When Sony acquired cloud gaming service Gaikai for $380 million earlier this month, it also picked up a rather valuable asset in the form of the company’s founder David Perry. The industry legend (who had a hand in creating the original Earthworm Jim) is now a PlayStation employee – and he’s already looking to making an impact on...
News Rockstar Vancouver Studio Shuttered, Toronto Expanded
Out with the old
Rockstar has shut down its Vancouver studio in favour of a new facility in Toronto. The company announced overnight that it has opened a new office in Oakville, Ontario at the expense of the Max Payne 3 developer. The move comes with full support from the local government, though financing details were kept unsurprisingly quiet...
News Sony Stresses the Importance of Retail Despite Gaikai Purchase
Brick and mortar
If you’re worried that PlayStation is going to exist exclusively in the cloud from now on, then Sony has a silver lining for you. Chatting with industry website MCV, Sony UK’s Fergal Gara explained that while the high street is going through a “readjustment” period, it’s still massively important to the platform holder's...
News THQ Returns Devil's Third Rights Back to Valhalla
Where the heart is
THQ has kindly signed the rights to Devil’s Third back to its creator Valhalla Game Studios. Chatting with Eurogamer.net, the troubled publisher confirmed the news: “All of the game's IP rights have been returned to [founder Tomonobu] Itagaki and the Valhalla team.” The publisher revealed last month that it would not...
News Andrew House Stresses the Importance of United Sony
Sticking together
Sony is not in a good position. While core elements of its business – including the PlayStation division – are ticking over nicely, the company as a whole is bleeding money. The worry for Sony is that it’s been struggling for a while. But while the company's situation is becoming all too familiar from the outside, key...
News Kaz Hirai Drops Sony Computer Entertainment Chairman Role
Bigger fish to fry
New Sony president Kaz Hirai is a busy man. The former Sony Computer Entertainment gaffer has been handed the daunting task of turning the troubled Japanese manufacturer’s fortunes around. As such, the likable executive has decided to step away from his role as chairman on the SCE board. He will still serve in a part time...
News EA Admits That Its Syndicate Reboot "Didn't Pay Off"
Performance review
If the real world of business was as ruthless as the fictional one in Syndicate, then EA’s Frank Gibeau wouldn’t have time to lament the poor performance of Starbreeze’s series reboot. Thankfully, it’s not, and the executive can openly acknowledge the fact that the first-person shooter didn’t quite live up to...
