Sony Interactive Entertainment, a multinational video game company, which is also a part of Japanese multinational conglomerate Sony Group Corporation is all set to intensify the online gaming business race with its latest move. The eminent company has decided to acquire Bungie Inc., an American video game developer that has given popular hits like ‘Halo’ and ‘Destiny’ in the past. On Monday, the company released a statement and announced its plan to buy Bungie for a whopping $3.6 billion deal. 

Recently, Microsoft, whose Xbox gaming console is popular in the world, announced the acquisition of Activision Blizzard for $68.7 billion. 

This is Sony’s one of the biggest ever acquisitions made till date but looking at the deal size of Microsoft it is clearly visible that the competition in the gaming sector is intensifying with each passing year. According to a study, it is found that more than three billion people are actively playing games today. Online gaming is thus gaining popularity at a rapid pace and is considered as the fastest growing form of entertainment all over the world. 

COVID-19 pandemic also played a vital role in the sudden surge of online gaming. According to an investment banking firm Drake Star Partners, the gaming sector is on the verge of touching $150 billion in deals, financing, and IPOs this year alone. 

“This (Bungie deal) is an important step in our strategy to expand the reach of PlayStation to a much wider audience,” said Jim Ryan, head of the Sony Corp unit responsible for PlayStation.

Since its inception in 1991, Bungie has created various mesmerizing games that can be played on PlayStation, Xbox, as well as on computers powered by Microsoft’s Windows operating system.