Focusing on State of Play is a reaction to Nintendo focusing on Nintendo Directs, which are previous to the pandemic.I doubt they would ever do a MS type of show, people do not like it and yes I agree they do not need it. I am not saying they will show everything, what I am saying is, Sony has a track record of doing big shows with surprises, that is why most people got confused when they left E3 and didn't do PS experience. Sony focusing on State of Play is not the norm, it is the exception and it is a consequence of the pandemic, I still think they will resume to their previous timeframe / modus operandi, specially because of the Activision deal. In terms of Marketing is the only way to counter the PR moves Microsoft has been using.
It's themselves realizing that some videos across the year reach to several millions of players across the globe, and for a way cheaper cost than to have super expensive presential events like the live E3 conferences, the E3 booth or PlayStation Experience. Which are way more expensive, have a smaller reach and has the filter of the press, meaning that game companies can't fully control the PR message.
The pandemic temporally killed the presential events, but many companies understood that the E3 booths costs are nonsensical and that due to internet they don't need it. First because for marketing and PR it's more optimal, effective and profitable to use their own digital marketing channels.
And second because mettings to agree or sign publisher+retailer or publisher+dev deals (these meetings were the original goal of E3) can be done online or at other, way cheaper, events.
Yes, presential events are returning. But companies like Sony or Nintendo will continue focusing their marketing and PR in their online channels. And as long as they continue having a decent amount of interesting short term releases they'll focus on marketing them instead of focusing on long term releases.
PS is dominating Xbox more than 2:1 worldwide in both userbase/consoles sold, marketshare, 1st party and total game sales and game subs. If completed, the ABK acquisition -as happened with the Zenimax, Minecraft and the other ones- won't negatively affect Sony or their market share.
To focus on day one GP and make all future Bethesda and Activision games would be a financial suicide for Xbox, so they'll keep most if not all of them multi, some of them after a timed console exclusivity.
But even if making all of them full console exclusive the few millions of players that Sony could lose would be compensated with the PS userbase growth and with the games that Sony is developing internallly at Bungie, Naughty Dog, Arrowhead, Firewalk, Deviation, Haven and who knows if more.
All these games started to be developed before the ABK and Zenimax acquisitions were announced, as happened with the first talks to acquire Bungie. Sony still didn't react to the Bethesda and Activision acquisitions because wasn't needed.
And in fact, the Activision deal may even end being blocked by some regulator and/or with a legally binding document that keeps CoD multiplatform for -minimum- 10 years. Not even in consoles, but also in game subs (see recent PS+ announcements of Minecraft Legends, Ghostwire Tokyo and other MS games).
Sony's marketing move instead of announcing acquisitions or games to be released in 5 or 7 years is to keep releasing many GOTY winner or candidate super selling exclusives for their console, plus also releasing very successful movies, tv shows and PC ports. And getting record numbers with their game console and services. They deliver instead of only promising.
At least for now, Sony doesn't need to react to the Bethesda and Activision acquisitions. And if they do it, they'll do it once the Acquisition deal gets completed or once it shows some negative effects for Sony, which as of now don't exist and I bet won't happen.
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