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PlayStation 5 Price Hike Announced by Sony in Japan

ByYasmeeta Oon

Aug 28, 2024

PlayStation 5 Price Hike Announced by Sony in Japan

Sony has announced a 19% price increase for its PlayStation 5 console in Japan, citing challenges related to the global economic environment. Starting September 2, the PS5 will retail at 79,980 yen, approximately $553, marking a significant rise as the console approaches its fourth year on the market.

The gaming giant attributed the price hike to external factors, including economic fluctuations. This decision comes despite a decline in PS5 unit sales during the June quarter. However, Sony’s gaming division still reported year-on-year growth in both profit and revenue, driven by continued purchases of games and services by existing PS5 users.

This unexpected price adjustment coincides with speculation around a potential refresh of the PS5, possibly a “Pro” version, anticipated by analysts to boost sales. Sony’s move occurs as investors look forward to such developments to reignite consumer interest in the console.

Image credit: www.gamereactor.eu

In other news, Sony, along with Zee Entertainment, announced the settlement of a legal dispute concerning the failed $10 billion merger of their Indian units. Following these announcements, Sony’s shares closed 2.8% higher on the Tokyo Stock Exchange.


Featured Image courtesy of Tom’s Guide

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.

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