It's okay, and on a clear upswing, but it's still got some distance to go.
I was thinking about what the difference was, given the format now is so similar to the modern Direct "Headlines" approach. I think there's a few key issues, now:
* The format is *too* rigid. *Everything* is a 'Headline' , a block of standalone information with no relation to what comes before or after. The TLOU2 trailer was a prime example; immediately beforehand was the PSPlus TLOU-in-October reveal: That information belongs with the TLOU2 trailer! Contextualise it! "Here's TLOU2... and TLOU1 will be free on PSPlus in October!". (Also, "Available now" for that, if at all possible, would have been a rather more immediately exciting moment). The way the reveals took place in the SoP felt really weird and disjointed.
It does feel a little bit like the SoP is only really planned as a running order of trailers with a brief introduction, and the separation of the PS Plus reveal and the TLOU2 trailer highlighted that. They're starting to get the content right, but the delivery isn't there. Nintendo's Directs have evolved such that 'headlines' sequences are only part of the story; it's a full programme with separate features of which the headlines are just one. TLOU2 would have been better handled with a deeper dive, perhaps go into some systems, then conclude with the PS+ TLOU1.
* Talk more. NDs are a presentation with a VO that contextualises what you're seeing. These are games; help us understand how they are; inform us. I shouldn't have been left wondering if LA Noire VR is new content or the original game adapted to the VR interface, for instance. Humanity looks intriguing, and could be right up my street - but I don't really quite know what I'm looking at - is it puzzley? RTS-ey? Pikmin-ey? Is Wattam more of a Katamari-esque game or a Noby Noby Boy-esque toy? I'm happy either way, but I'd quite like to *know*!
* The last difference may be insurmountable... but, to be fair, it's very much a YMMV thing anyway. Sony are too cool, for want of a better word; Nintendo have cultivated an irreverence through recent years which means they can get away with being a bit silly in a way that Sony just can't. I think the Medievil Demo/Dan's Hat is a good example; I can't help but think that there's so much of a better way that information could have been delivered to the viewer in a way that matches up more with the irreverence inherent in the Medievil universe.
* Finally, there's another difference, and it's not really an aspect of the broadcast itself, but more the philosophy of the whole State of Play project when compared to Directs: It feels that State of Play is regarded within Sony as a way of getting trailers to peoples' eyes... and, currently at least, it doesn't seem to be aiming to do much more than that. Nintendo, on the other hand, does seem to be more invested in Direct with various marketing intiatives being integrated with the Direct system; shadowdrops are extremely common these days (we had, what, five shadowdrops in the last direct? Whereas here we had the Medievil demo?).
So here's how I'd structure it:
Promote the SoP explicitly the way Nintendo does; preannounce TLOU2 as the explicit centrepiece (we were all expecting it anyway), with other news around it.
Open with a high-profile reveal - that'd probably be CoD in this context. I'm surprised they didn't have Batman, that would have been a great item to put in there.
Segue into headlines. As mentioned above, don't leave them to just run trailers, but have the voiceover talk you through what you're seeing. Probably Medievil first, lean into the humour; follow with Humanity, Piccolo, the other reveals; possibly make the VR an explicit sub-section.The last headline should be Wattam, it's anticipated enough to cause some excitement and adorable enough to contrast with what's to come.
I'm in two minds about what to do about the The Show on PS+ reveal, because it's a significantly less enticing product in Europe. I happened to watch the US SoP but I just checked the Europe one and it is actually a different narrator - although the script seems the same. It felt really odd to have a full high-profile trailer for the baseball game and then just a quick throwaway "Hey, TLOU:R too" in a region where I imagine the latter is the bigger draw. I think possibly you swap the two reveals over depending on which region's SoP you're watching.
That said, I think the best method, as mentioned above, is to have a different game as the second highlight in October's PS+, and then shadowdrop TLOU:R for PS+ in the TLOU2 section - but that was probably not on the cards as an option!
End on TLOU2; talk about it first, maybe reveal some new mechanics; then shadowdrop TLOU:R if that was on the cards, and conclude on the trailer.
