Sony (NYSE:SONY) has declared a significant price hike for its PlayStation 5 (PS5) gaming console in Japan, attributing the decision to the challenging global economic climate, including fluctuations in the global market.
Starting September 2, the PS5 will be available at 79,980 yen ($551) for the standard model, and 72,980 yen for the version without a disk drive, marking an approximate 20% increase in prices.
This adjustment reflects Sony's strategy to navigate an increasingly difficult external environment as it aims to maintain its market position and quality of service.
Despite these changes, Sony's latest projections indicate a decrease in global sales expectations for the PS5, forecasting 18 million units sold this financial year, a drop from the 20.8 million units sold in the previous year.
This revised forecast underscores the impacts of the broader economic conditions affecting the electronics and entertainment sectors worldwide.
As of the time of writing this report, Sony share price stood at $92.81.