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Sony Interactive Entertainment is increasing the price of the PlayStation 5 across various regions, citing global economic challenges and adverse currency trends as the primary reason.
SIE CEO Jim Ryan states in a blog post that the decision to increase the recommended retail price (RRP) for the PS5 has been a difficult one, but that global inflation as necessitated it. Regions affected by the price increase include all of Europe, the United Kingdom, the Middle East, Africa, Asia, and parts of North America. The United States is, however, unaffected.
Below is a breakdown of the new prices for both PS5 versions across affected regions. The price increase will only take effect in Japan from September 15 due to how the region handles sales through a lottery system. Other increases are immediate.
Europe PS5 with Ultra HD Blu-ray disc drive – €549.99PS5 Digital Edition – €449.99UK PS5 with Ultra HD Blu-ray disc drive – £479.99PS5 Digital Edition – £389.99Japan (effective Sept. 15, 2022) PS5 with Ultra HD Blu-ray disc drive – ¥60,478 yen (including tax)PS5 Digital Edition – ¥49,478 yen (including tax)China PS5 with Ultra HD Blu-ray disc drive – ¥4,299 yuanPS5 Digital Edition – ¥3,499 yuanAustralia PS5 with Ultra HD Blu-ray disc drive – AUD $799.95PS5 Digital Edition – AUD $649.95Mexico PS5 with Ultra HD Blu-ray disc drive – MXN $14,999PS5 Digital Edition – MXN $12,499Canada PS5 with Ultra HD Blu-ray disc drive – CAD $649.99PS5 Digital Edition – CAD $519.99
Jim Ryan concluded the blog post by saying that Sony’s top priority is still improving the supply chain for PS5 production in order to keep the console in stock across all regions, in spite of the price increase. Earlier this week Sony announced that the PSVR 2 would be coming in early 2023, while also revealing a new premium controller called the DualSense Edge.
Sony’s decision to raise the price of the PlayStation 5 across Europe and other parts of the world will have a “minimal” impact on sales of the console, according to one analyst. It also gives “some advantage” to Microsoft in the console sales race, the analyst said.
Piers Harding-Rolls of Ampere Analysis said Sony no doubt faced a “hard decision” in raising the price of the PS5. However, due to inflation and price increases in the component supply chain, Sony decided to pass along some of those costs to the consumer, Harding-Rolls said.
“While, we believe there will be disappointment for some consumers that have been trying to buy a PS5 without success, or that were saving to buy the console just in time for the price to increase, the high pent up demand for Sony’s device means that this price increase of around 10% across most markets will have minimal impact on sales of the console,” Harding-Rolls said.
The PS5 is not increasing in price in the US due to the strength of the US dollar currency, Harding-Rolls said. Additionally, the US is the world’s biggest console market and the place where Sony competes “most closely” for market share, Harding-Rolls said.
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As for Microsoft, the company has confirmed it is not raising Xbox prices. However, Harding-Rolls predicted that Microsoft will take advantage of the PS5 price increase to help promote the value of the $300 Xbox Series S, Game Pass, and the All Access program ahead of the holidays. “As such, this move hands some advantage to Microsoft,” Harding-Rolls said.
For its part, Nintendo has said it will not increase the price of the Switch despite rising costs.
PlayStation’s Jim Ryan said the PS5 price increase is a “necessity given the current global economic environment and its impact on SIE’s business.” Ryan went on to say that Sony continues to work toward improving PS5 supply worldwide to help meet its sales targets.
