With the latestfiscal year financial report from Sony, we now have a clear look at where the stands. The big highlights are that thesystem has now sold61.7 million units worldwide, with 2.4 million being sold in the first quarter of 2024. While that definitely sounds impressive, the PS5 sold 4.5 million units in the previous quarter, which is a startling drop-off. Sony itself expected around 3 million sales for this quarter, of which it fell short by over half a million. Now, Sony has admitted it needs toreadjust its projectionsfor future sales.
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The beginning of this generationwas rough for all consolesfor numerous reasons, but the PS5 struggled the most due to it being in such high demand. Despite all the constraints, it had managed to outpace the PS4 sales along the same time frame up until this quarter, in which it finally slipped. The PS5 is still the best-selling console most months, and itssoftware and service revenuehas never been higher, but it’s clear the console itself isn’t selling at the rate Sony predicted.
There are a few likely reasons why, and thankfully, PlayStation appears to have answers to all of them – keep reading to stay informed.
While sales have declined, the PS5 is still considered a success and is earning more total money than any previous PlayStation consoles.
Sony PlayStation 5
1Mid-generation crisis causes hesitation
Four years is half a decade in console-years
The biggest reason sales are slowing is the most simple one: thePlayStation 5 has been out for four years. Now that the supply has overtaken demand, a majority of the people who wanted a PS5 have already gotten one. Console generations have settled at around an 8-year cycle, meaning we are probably right in the middle of this one, which is an awkward place to be. Anyone who hasn’t invested in a PS5 is wondering if it is worth it since they may only get four years or so out of it before the next generation comes out.
Anyone who hasn’t invested in a PS5 is wondering if it is worth it since they may only get four years or so out of it before the next generation comes out.
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The solution to this mid-generation slump would be one of two things or a combination of the two. The first is a price cut, which PlayStation has never done up until now, and/or a mid-generation upgrade similar to the PS4 Pro for those who don’t want to buy an older piece of tech that might be outdated.
2Waiting to upgrade to the PS5 Pro
You don’t want to get burned
After months of leaks and rumors, PlayStation finally unveiled its mid-generation upgrade: thePS5 Pro. This upgraded system promises to eliminate the need for players to choose between performance and fidelity modes while playing, so you get the absolute greatest experience possible from your games. Naturally, this all comes at a very high cost of $700. Since the system isn’t out quite yet, we can’t say whether or not it is worth that investment, but for some, it’s a no-brainer.
Even for those who wouldn’t want to pay up for the Pro, waiting for it is still a smart move. We’re already seeing ways to get the current PS5 models cheaper now as this higher-end version looms on the horizon. Once it comes out, plenty of people will be ready to sell their used PS5s to try and recoup some of that money back spent on the Pro, giving those who wait a great deal.
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3The PS5 has never officially gone on sale
Full price, forever
There’s no sugarcoating the fact that the PS5 is expensive. It was expensive at launch and has even gotten more expensive in some parts of the world today. Four years into any other generation would’ve seen the base price of consoles drop anywhere from $50 to $100, but the PS5’s hefty price tag hasn’t budged at all outside of very rare exceptions. The best you can hope for is some sort of bundle that comes with a game or controller.
Buying a full-price console is a huge luxury that most people and families simply can’t afford. Sales are when most people can finally justify splurging a bit on some enthusiast tech, but that just hasn’t happened for the PS5. A lot of sales are being left on the table because the current price is simply out of reach for so many people who would otherwise pick it up.
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4The number of true PS5 exclusives is low
Little reason to upgrade
The PS5 library is incredible. I don’t think anyone would argue that, but when you look at the fine print, very few games are exclusive to the PS5 and not also available on PS4. Sure, they look and run worse, but most people don’t care that deeply about graphics or frame rates so long as they can play the games they want. God of War: Ragnarok, Horizon Forbidden West, and Elden Ring are some of the biggest games of the generation, but all are also playable on PS4. Without a strong lineup of must-play games to convince people to convert, plenty will be perfectly content sticking with the PS4.
This is becoming less and less of a problem as fewer games are able to support last-generation systems, but the real kicker will be GTA 6. That game alone will be enough to convince any holdouts that it is time to upgrade to the PS5.
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