August 28, 2024 – Sony Group revealed yesterday that it will increase the price of the PlayStation 5 by a staggering 19% in Japan, effective from September 2nd, pushing the console’s new price tag close to 80,000 yen. This announcement sparked an immediate 2.7% surge in Sony’s share price on the Tokyo Stock Exchange.
Concomitantly, the company has also hiked prices for peripherals such as the DualSense wireless controller and Pulse wireless headset, citing “recent global economic fluctuations” and cost volatility as the primary factors behind this decision. Prior to the PlayStation 5 price adjustment, Sony had already initiated price hikes across its television, headphone, and camera lines starting this month. Microsoft, too, announced earlier this month an increase in the price of its Xbox consoles in Japan, with the Xbox Series X now approaching 67,000 yen.
Amidst these developments, the PlayStation 5 has experienced an unexpected surge in sales in China, fueled by the release of the highly anticipated game, “Black Myth: Wukong.”
According to Bloomberg Intelligence analysts Masahiro Wakasugi and Takumi Okano, Sony is poised to achieve record-high profits in its gaming division for the fiscal year ending March. They attribute this potential growth to the company’s robust lineup of exclusive first-party games, coupled with anticipated price increases for its PlayStation Network service, which is essential for online multiplayer gaming. This strategic move, coupled with rigorous cost control measures, is expected to propel Sony’s profitability further.
