The PS5 has been consistently outselling competitors like the Xbox Series S|X for several months. Having sold over 40 million units, the latest console continues to produce impressive results for Sony.
Sony’s latest earnings report confirms that it sold 3.3 million consoles last quarter. This made it the most successful Q1 result for the PS5 since 2020, but it did not meet the gaming giant’s expectations.
Following the earnings report, Sony management claimed that this figure was lower than expected.
Why it matters: Sony has set a target of 25 million sales in the current fiscal year. However, at the current rate, this target may not be achievable.
Now the PlayStation 5 price drops make more sense.
Sony is selling less PS5 consoles than they had hoped, so the company is willing to "implement necessary measures" to achieve its 25 million PS5 sales target. pic.twitter.com/BLAcxQG7tJ
— Derek Strickland (@DeekeTweak) August 9, 2023
While the console is doing well on the market, Sony’s target is highly ambitious.
This means that the gaming giant may struggle, even with the current rate of sales. The management confirmed that the last quarter saw a 38% increase in year-on-year sales, but this was not enough.
As such, the 25 million sales target continues to be a massive priority for Sony in the current fiscal year. The gaming giant has introduced various promotions to reach this goal and claims to have seen improved results after these introductions.
Various regions worldwide have received discounts on the PS5. This includes the US, where the console is currently selling for $450. The management’s comments also hint that this is the beginning of a long wave of discounts.
Furthermore, a new PS5 revision is rumored for late 2023. The new console is expected to be bundled with Spider-Man 2, which may lead to a massive surge in sales worldwide.
While Sony’s race to 25 million sales is off to a disappointing start, the appeal of first-party games like Spider-Man 2 could turn the tide for the gaming giant.
The previous games have sold over 30 million units, leading to millions of potential buyers for the sequel. With Insomniac Games’ impressive track record, the sequel is likely to be received well by millions of new and returning fans.
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