Not a good sign for one of the most recognizable brands in the world:
Sony Interactive Entertainment on Tuesday said the company will cut about 900 jobs at its PlayStation unit and shut a studio in London as the videogame industry struggles to recover from a post-pandemic slump.
The layoffs will affect about 8% of the division's staff in regions from the Americas to Asia and come days after Sony slashed the annual sales expectation for its PlayStation 5 console.
Sony isn't the only video game concern that has laid off employees in recent months:
Even Microsoft, a reliable industry juggernaut, is firing a ton of people in its gaming division:
The worldwide video game market, according to the Post, "grew just 0.6% last year to $184 billion," after a decline of about 5% in 2022.
Sony President and CEO Jim Ryan said the Playstation layoffs come amid an "evolving economic landscape" and "changes in the way we develop, distribute, and launch products."
Playstation will also reportedly shutter its London studios entirely.
Troubling stuff.
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