What could be Sony's next big acquisition in 2022-23?

Acquisition is a word of the time as both the likes of Sony and Microsoft have acquired major studios recently.

While Microsoft started the process with its planned acquisition of Activision, Sony did so by getting Bungie. While the valuation of Bungie's takeover at $3.6 billion is significantly less than that of Activision, there is a lot of strategic sense. It has already been announced that the existing games like Destiny 2 will remain multi-platform, and there's a lot of sense considering it's a live service game.

According to reports, however, Sony may not be done entirely. Several figures and news reports indicate that the giant still has around $10 billion through to 2023 for mergers and acquisitions. But acquisitions have to be done strategically, and when one observes the portfolio of the corporate, the potential targets are pretty evident.

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A fighting game, Chinese expansion or value of IPs - here's what Sony could acquire next

Potential fighting games and their studios

Sony's penchance for fighting games is well-known as it's directly involved with Evolution Championships. The best deal it could grab to expand its fighting game scene will be Netherealm Studios. There were already rumors that Warner Bros.'s gaming division could be sold off before a change of plans.

It is unlikely that Warner Bros. Entertainment will sell off its entire gaming division. There is a lot of value in the DC IPs that the company holds. But Netherealm might be sold separately if there's a suitable offer.

The studio is well-known for making fighting games like Injustice and Mortal Kombat. Alternatively, Arc Systems could also be seen as a potential target. The studio already has games, like Guilty Gear Strive, that are only available on PlayStations and PCs.

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Possiblities for expansion into the Chinese gaming industry and the issues with IPs

It's hard to estimate Sony's plans for the Chinese market, although recent trends suggest a bullish approach. The brand recently revealed its plans to own close to ten live service games. miHoYo could be an essential cog from two points.

Mihoyo will bring Genshin Impact with it, which is one of the biggest live service games in the current market. Secondly, it will help the company gain a foothold in the Chinese market. While a complete takeover may not be sensible in terms of valuation, a strategic partnership could be well worth it for both parties involved.

Lastly, Konami remains outside but an interesting choice. There are some incredibly valuable IPs like The Metal Gear series and Silent Hill. The latter could fit in ideally based on the types of games Sony loves to make, but in a different setting. But there will be one big potential problem if it acquires Konami - the lack of development studios.

Unlike Activision or Bungie, it doesn't appear that Konami has a big developmental team on hand to make a big AAA game. If Sony acquires Konami's IP, it will have to create a new team or assign it to their existing studio.

The first solution will take time and resources to set up, while the latter will overburden the studios that the corporation already has. If it doesn't mind playing the waiting game, Konami could bring incredible value to the table.

It will be interesting to see which direction the company takes from here. Both Microsoft and Sony are expected to continue with their deals, but the interests of the two houses are starkly different. The industry giant's next purchase will help the gaming giants increase their valuation even more if it works.