Sony announced that it would raise the Play Station 5 (PS5) price. The price will be increased in some regions due to the current economic climate and high inflation rates. The markets in Europe, the Middle East, Africa, Asia-Pacific, Latin America, and Canada will soon see a new recommended retail price (RRP).
According to the Japanese gaming giant, the price increases are immediately in force everywhere except in Japan, where they will kick in on September 15.
Price changes will hurt customers’ pockets
Many of you worldwide are likely facing difficulties because of the current state of the global economy. High inflation rates and unfavorable currency trends are hurting consumers and putting stress on a variety of industries around the world.
Due to the current economic climate, SIE has made the tough decision to raise the recommended retail price (RRP) of PlayStation 5 in certain global markets. In the USA, there will be no price hikes.
The revised rates in different nations
The PS5 Digital Edition costs 449.99 euros ($449.86), and the PS5 with Ultra HD Blu-ray Disc Drive costs 549.99 euros ($549.84) in Europe.
There will also be a PS5 Digital Edition in China for 3,499 yuan ($510.91) and a PS5 with an Ultra HD Blu-ray disc drive for 4,299 yuan ($627.73).
When the PS5 was released in India, the Digital Edition cost Rs 39,990. And the Blu-ray version cost Rs 49,990.
Decrease in sales and revenues
Sony’s pricing increase coincides with a downturn in sales. For rival game giants, Nintendo and Microsoft in the second quarter as the boom caused by the epidemic begins to fade.
Sony’s gaming division had its sales fall by 2% year-over-year in the quarter ending in June. While its operating profit fell by roughly 37%. The Japanese multinational corporation also reduced its gaming division’s full-year profit forecast.
Ever-changing threats possess challenges
Sony is also struggling to meet the demand for the PlayStation 5 due to ongoing supply chain issues. Around the world, there has been a severe lack of PS5s. This will definitely lead to a decrease in customer demand.
While the present economic climate has necessitated this price hike to protect SIE’s business. Our primary focus remains on resolving the PlayStation 5 supply issue so that as many players as possible may enjoy the game’s current content and future updates.