PlayStation Profits Declined 25% Year-on-Year Amid Missed Sales Target

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Sony Expects Sales To Slow Down This Year!

Story Highlight
  • PlayStation profits went down by 25% last quarter.
  • The PS5 had sold 50 million units by December.
  • Sony’s latest financial report puts the console sales at around 54.8 million units.
  • The gaming giant is disappointed with the results and expects fewer sales in the next Fiscal Year due to a lack of major IPs.

2023 was a monumental year for the PS5. Sony reportedly sold 40K units of the console each day, setting the nearly impossible goal of reaching 25 million sales in a single Fiscal Year.

Analysts predicted that this goal would not be possible, with Sony reaching around 18.5 million sales. It seems this prediction was not too far off since PlayStation has now sold 54.8 million units, and Sony has not been too happy with the results.

Why it matters: Despite its demand, the PS5 is tracking slightly behind the PS4 in terms of overall sales in a similar period. Therefore, it should land around similar sales figures by the end of its lifecycle. 

PlayStation 5
PlayStation 5 (Image By Tech4Gamers)

Sony recently shared an update on the PlayStation business in its Q3 FY 2024 earnings.

According to President Hiroki Totoki, the console is falling behind the 25 million Fiscal Year target. Sony has also lowered its Fiscal Year target to match the current progress, setting its sights on 21 million sales by the end.

Meanwhile, it was noted that PlayStation’s profits fell by 25% year-on-year. This is shocking since Sony reported record-breaking revenue for the quarter, further showing the difficulties of modern gaming.

The console reached around 50 million total sales in December. Since then, an additional 5 million units have been sold. While it continues to do well, the Holidays did not bring the growth Sony had been looking for.

Moving forward, Sony believes the PS5 will sell less units.

Spider-Man 2
Spider-Man 2 Was A Major Success In 2023

This is mainly due to the hardware transitioning into a later stage of its lifespan, making it less appealing.

Another reason for a potential sales decline is the lack of major first-party IPs in 2024. Sony is now focused on balancing profits and sales since the latter is expected to go down.

Still, with the PS5 Pro expected to launch in late 2024, the PS5 might go through a major surge in sales. The release of GTA 6 in 2025 should be another much-needed uplift for Sony.

Compared to its rivals, the PS5 is on the right track. The Xbox Series S|X have only sold about 27 million units so far, putting Sony in the lead by a massive margin. However, Sony is aiming for the sky, even if it ends up missing the target.

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