Don't expect a PS5 price cut anytime soon
Sony has ruled out cutting the price of the PS5 due to production costs
Sony isn’t planning a PS5 price cut in the future, despite the console entering its fourth year on sale.
The PS5 launched for $499 and $399 on November 19, 2020, and a new PS5 Slim model has since hit the market. The PlayStation 5 Slim retains the $499 price tag, with the Digital Model increasing in price to $449.
Sony has always cut the price of its console whenever it introduced a “slim” design, but the PS5 bucked that trend. And it appears that the PS5 price won’t be dropping anytime soon.
➡️ The Shortcut Skinny: No PS5 price cut
👎 Sony has ruled out a PS5 price cut
🔨 Production costs of the PS5 are still too high compared to the PS4
😟 The PS5 Slim didn’t come with a price drop
📈 The PlayStation 5 is the first console Sony has released that went up in price
According to Takashi Mochizuki, a game and tech reporter at Bloomberg, Sony ruled out a drastic price cut as production costs of the PS5 compared to the PS4 are far greater. Perhaps that isn’t too surprising considering Sony raised the price of the PS5 outside of the US in August 2022, but it’s disappointing nonetheless.
Sony recently published its revenue forecast and revealed PS5 sales haven’t been as strong as it hoped. The Japanese electronics giant was hoping to sell 25 million units but has revised that goal to 21 million. Sony also expects PS5 sales to slow down now that the console has entered the “latter stage of its life cycle”.
We’re expecting Sony to release a PS5 Pro to help spur new hardware sales in the future, but expect it to command a high price. A more powerful PlayStation 5 could appeal to late adopters and encourage current owners to upgrade.
There are also rumors that Sony could be working on a PSP 2, a successor to the PS Vita. With the handheld market reinvigorated by the likes of the Steam Deck, Nintendo Switch and Asus ROG Ally, there’s certainly demand for a dedicated PlayStation Portable.