Sony raises PlayStation 5 prices in most markets because of ‘challenging economic conditions’ – TechCrunch

Sony has raised PlayStation 5 prices in most major markets, citing “challenging economic conditions” such as high global inflation rates and adverse currency trends, the latest challenge in a long time. series of challenges engulfing the current generation of consoles.

The new prices, mostly ranging from $30 to $80, went into effect immediately in Europe, the UK, China, Australia, Mexico and Canada, the company said. speak in a blog post. The Japanese conglomerate says the revised pricing will be available in Japan on September 15.

The company insists that the US is not affected by the price increase.

“While this price increase is essential in light of the current global economic environment and its impact on SIE’s business, our top priority is to continue to improve the situation. make PS5 available so that as many players as possible can experience everything PS5 has to offer and what’s to come. ,” Sony said in the post.

The new prices are as follows:

  • Europe
    PS5 with Ultra HD Blu-ray drive – € 549.99 (formerly € 499)
    PS5 Digital Edition – 449.99 € (formerly 399 €)
  • UK
    PS5 with Ultra HD Blu-ray drive – £479.99 (previously £449)
    PS5 Digital Edition – £389.99 (previously £359)
  • Japan (effective September 15, 2022)
    PS5 with Ultra HD Blu-ray drive – 60,478 yen (formerly 49,980 yen)
    PS5 Digital Edition – 49,478 yen (formerly 39,980 yen)
  • China
    PS5 with Ultra HD Blu-ray Drive – 4,299 yuan
    PS5 Digital Edition – 3,499 yuan
  • Australia
    PS5 with Ultra HD Blu-ray Drive – AUD$799.95 (formerly AUD$749)
    PS5 Digital Edition – AUD 649.95 (formerly AUD 599)
  • Mexico
    PS5 with Ultra HD Blu-ray Drive – MXN $14,999
    PS5 Digital Edition – MXN $12,499
  • Canada
    PS5 with Ultra HD Blu-ray Drive – CAD $649.99 (previously $629 CAD)
    PS5 Digital Edition – CAD $519.99 (formerly CAD $499)

The price hike comes at a time when several gaming giants, including rivals Nintendo and Microsoft, have seen sales declines.

“Given the fact that the PS5 has been severely limited in supply since its launch, with many consumers unable to purchase Sony’s latest console, and the fact that Microsoft has not shown any sign of a price increase, Its Xbox Series, there’s no doubt about this price hike, Piers Harding-Rolls, analyst at Ampere Analysis, wrote about raising the price would be a difficult decision.

“However, with inflation and price increases being felt through the component supply chain, much of which is priced in US dollars, coupled with continued high distribution costs, Sony has now had to overcome through some of those cost increases to try to maintain its hardware profitability targets. It follows a surge in prices across the entire consumer electronics sector, including Meta’s Oculus Quest 2, which rallied $100 in early August.”

Microsoft and Nintendo haven’t raised the prices of their respective consoles – and if they can maintain their positions, their consoles will benefit from Sony’s move.

Nintendo President Shuntaro Furukawa told Nikkei earlier this month that the company doesn’t have any immediate plans to raise the price of the Switch.

“We do not consider [a price increase] at this point, for two reasons,” Furukawa said. “In order to provide unique entertainment to a wide range of customers, we want to avoid over-pricing everyone. Our competition is many types of entertainment in the world, and we always think about pricing according to the value of the fun we bring. Our products also include software. Nintendo has sold over 100 million Switch units to date, and it’s important to maintain our overall business momentum. All in all, a weak yen makes it less profitable to sell Switch in the country.”

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