Sony just gave everyone a “nice” August surprise, by hiking PlayStation 5 prices globally by up to 24%!
Here is what you need to know…
Sony Hikes PlayStation 5 Prices Globally, Except US!
Sony has had a hard time producing enough PlayStation 5 consoles, with available units getting snapped up within minutes, often by scalpers.
It doesn’t seem to be a situation that will likely be resolved until 2024, but that does not mean Sony is willing to lose out on profits just because there’s still a shortage of chips worldwide.
On 25 August 2022, they sprung a “nice” surprise by announcing an immediate hike to PlayStation 5 prices globally… except in the United States.
Japan gets a short reprieve until September 14, so consumers there can still enjoy the lower price, but with virtually no stock at hand, that probably won’t make much of a difference.
In the United Kingdom, prices are going up by £30 for both the Blu-ray and Digital Edition versions – a 6% to 8% hike.
In Europe, the €50 hike raises the console’s price by 10% to 12.5% for the Blu-ray and Digital Edition versions respectively.
In Australia, the A$50 hike raises the console’s price by 6.7% to 8.3% for the Blu-ray and Digital Edition versions respectively.
Here in Malaysia, the RM200 hike raises the console’s price by 8.7% to 10.7% for the Blu-ray and Digital Edition versions respectively.
The highest increase though will be in Japan. The ¥10,498 increase is a massive 21% hike over the original price of ¥49,980 for the Blu-ray edition. The Digital Edition was originally priced at ¥39,980, but it will cost 24% more after its price is raised by ¥9,498.
Why Is Sony Hiking PlayStation 5 Prices Globally, Except US?!
It is certainly odd and rare for companies to raise prices on a product in the middle of its lifespan. I should point out that the PlayStation 5 is almost 2 years old, having been launched on November 12, 2020.
Sony Interactive Entertainment President and CEO Jim Ryan blamed the decision on “challenging economic conditions” which caused “high global inflation rates, as well as adverse currency trends“.
Why not the United States? Probably because Sony is not doing quite so well in that market, getting edged out by Xbox Series X/S. So it looks like Sony does not want to upset the apple cart there just yet…
PlayStation 5 is doing great in other countries, so Sony apparently felt confident enough to raise prices without the risk of potential customers jumping to the Xbox bandwagon in protest.
Ultimately, this boils down to profit. If Sony cannot get enough units out the door, the only way to increase profits is to raise prices. And if raising prices will keep the shareholders happy and protect their own bonuses, it’s no surprise that Sony executives would sign off on this.
Even more shockingly – Sony is raising prices most in its own turf. Japanese gamers will have to put up with a massive price hike of 21% to 24%.
It really does not pay to be a fan of Sony products…
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