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.
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