Sony refuses to rule out PS5 price increase
Could the PS5 cost more than $499 in the future? Sony sidestepped the question during its financial results
Update: Sony has confirmed that the PS5 price is increasing in select markets, but not in the US. The price of Sony’s console is going up by 10% effective immediately in some territories due to “challenging economic conditions.” It’ll still cost $499 / $399 in the US for the disc and Digital models, but Europe, the Middle East, Canada, Latin America, and the Asia-Pacific will have to pay more.
➡️ The Shortcut Skinny
🤫 Sony’s chief financial officer refused to be drawn on a potential PS5 price increase
💹 The Japanese company recently raised the price of some of its electronic products like headphones and Blu-Ray players in Japan
🥽 Meta is raising the price of the Meta Quest 2 in August by $100
💪 Sony has sold 21.7 million PS5 consoles since November 2020
Original story: Sony has refused to rule out a PS5 price increase in the future after the company’s chief financial officer was asked whether it would consider doing so during its financial results.
“About a potential price increase for the PS5, at this point in time there is nothing specific I can share with you about prices,” said Sony’s executive deputy president and chief financial officer Hiroki Totoki (thanks, VGC).
The PS5 currently costs $499.99, and the PS5 Digital Edition costs $399.99.
The Japanese company announced it had shipped another 2.4 million PS5 consoles, bringing the total PS5 sales to 21.7 million as of June 30, 2022. However, software sales fell by 26%, and insufficient supply continues to hinder PS5 sales. Check out our PS5 restock page if you’re still searching for Sony’s console.
On July 26, Meta announced that it would raise the price of Meta Quest 2 by $100 in August. The company blamed increased shipping and manufacturing costs and said the price hike would also help Meta “continue to invest for the long term and keep driving the VR industry forward.”
Back in April, Sony raised the price of several of its electronic products by 3% to 31% in Japan, including headphones, Blu-Ray players, and stereos. A PS5 price increase isn’t impossible, then, but consumers definitely wouldn’t welcome it.
Rising inflation and the war in Ukraine have resulted in several companies adjusting the prices of products and services, including Amazon Prime. The outlier is Crunchyroll, which announced it was dropping its subscription prices in almost 100 regions.
🤔 Would you still buy a PS5 if the price went up?
During the early days of the PS5 stock shortage, scalpers took advantage of consumers willing to pay over the odds to secure a PlayStation 5. Retailers also sold expensive bundles, which would often include some of the best PS5 accessories but ultimately inflated the price of a PS5.
If Sony were to raise the price of the PS5, it could put it in a weaker position when compared with Microsoft’s Xbox Series X and more affordable Xbox Series S.
🆚 Can’t decide? Check out our PS5 vs Xbox Series X comparison
Even though Microsoft reported a decline in gaming revenue, Xbox Series X|S continue to break records. Xbox is on track to have its best-ever fiscal year in the brand’s history, and the Xbox Series X|S are the fastest-selling consoles life to date than any previous generation of Xbox.
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Updated: August 25, 2022