Recently PS5 has made a new record by shipping 6.3 Million Consoles in Q1 2023. The sales of PS5 are undoubtedly doing well, but the same cannot be said for the games. While games are still being sold in massive numbers, data from Sony shows that users are buying fewer games than before.
The main reason for this appears to be the sudden increase in price and inflation, which have caused gamers to not spend too much on games. As reported by TweakTown, gamers are buying fewer PlayStation copies than before, and the new $69.99 price tag may be the main reason for the declining sales.
The latest report is Sony’s best ever for PlayStation earnings, as it generated a whopping $27 Billion in revenue. However, game sales were not the most significant contributor to this large figure.
Sony confirmed that PlayStation saw a whopping loss of 38.6 million games sold this quarter compared to last year. Furthermore, data also shows that even big IPs like Call of Duty could not compensate for this decrease.
While Call of Duty launched to much praise last year, PlayStation suffered a 15.7 million drop in third-party sales compared to the previous year. Despite all of this, PlayStation has seen significant profits and growth.
Gamers are still spending on the hobby, but the price tag of $69.99 may have encouraged users to refrain from a few big third-party releases.
It could be argued that users are shifting towards the PS Plus subscription, but that does not seem to be the case either. The revenue generated by PS Plus is currently lower than the previous year.
With this data, it seems likely that the new price tag is negatively impacting the sales of games. Meanwhile, gamers are still spending on purchases like micro-transactions and more.
What do you think of the new games being sold for $69.99? Do you think recent games justify this price?
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Obaid is pursuing a Law degree, while working as a content writer. He has worked as a gaming writer for over a year because of his passion for the medium and reporting the latest updates in the industry. Having played hundreds of games, Obaid finds himself coming back to Elden Ring and Red Dead Redemption 2, with these games being among his favorites. He has also been mentioned on highly regarded websites, such as Wccftech, Metro UK, PS Lifestyle, GamePressure, VGC, and Gamespot.