Sony made a huge announcement in the early hours of Thursday morning. The price of consoles are going up.
The price hike for both models of PS5 is effective immediately in at least six regions, and Japan will join the price-hike on September 15. Specific price increases for some of its biggest gaming territories are listed in Sony's announcement, but it also warns that "select markets" may see their own price hikes in the coming days." The Asia-Pacific region, Central and South America, and the huge cluster of nations that comprise the EMEA are included.
The United States is out of Sony's price hike crosshairs.
| PS5 price hikes, August 2022 | |||
|---|---|---|---|
| New | Old | Percentage increase | |
| Europe | 549.99 euro | 499.99 euro | 10 |
| Europe (all-digital) | 449.99 euro | 399.99 euro | 12.5 |
| UK | 479.99 pounds | 449.99 pounds | 6.7 |
| UK (all-digital) | 389.99 pounds | 359.99 pounds | 8.3 |
| Japan* | 54,980 yen | 49,980 yen | 10 |
| Japan (all-digital)* | 44,980 yen | 39,980 yen | 12.5 |
| China | 4,299 yuan | 3,899 yuan | 10.3 |
| China (all-digital) | 3,499 yuan | 3,099 yuan | 12.9 |
| Australia | AU$799.95 | AU$749.95 | 6.7 |
| Australia (all-digital) | AU$649.95 | AU$599.95 | 8.3 |
| Mexico | MX$14,999 | MX$13,999 | 7.1 |
| Mexico (all-digital) | MX$12,499 | MX$11,499 | 8.7 |
| Canada | CA$649.99 | CA$629.99 | 3.2 |
| Canada (all-digital) | CA$519.99 | CA$499.99 | 4 |
The price hike in Japan won't take effect until September 15, 2022,
There is a flat amount of currency in each region for the PS5 models. Today's news is hitting the more affordable PS5 models harder. Europe, Japan, and China are all tied for PS5's harshest price increases, with Canada getting off the easiest.
Sony blames rising inflation and historic lows for the Japanese currency for the price jumps. It's not clear if Sony's assurance that there will be no price increase in the US is ironclad.
Meta's virtual reality division decided to raise prices late last month. Meta tried to make up for the price hike by giving away a free download of its popular rhythm-action game Beat Saber.
AdvertisementAs of press time, Sony has not suggested that it will include any downloadable freebies as part of its own price-hike plan, as opposed to Meta's price increase reaching either 25 or 33 percent.
Curiously, Sony's Tuesday launch-window announcement about its next virtual reality system, PlayStation VR2, did not suggest a retail price. Perhaps Sony is keeping that news under wraps so it can buy more time to price that PS5 add-on amid current market realities. (This may prompt some re-thinking on our recent guesses about PSVR2 prices.)The Nintendo Switch, a console that has had more years to grow long in the tooth in terms of its price-to- performance ratio, was the focus of Kyle Orland's research. The price of the mega-selling console might have dropped to between $150 and $180 in the US if it had followed historic console pricing trends. A combination of economic factors, including a chip shortage and high demand for a years-old gaming system, has helped Switch hold its original price around the world.
Nintendo recently reassured investors and financial watchdogs in Japan that the price of the Switch will not increase in the near future. Ahead of the PS5 news, neither Sony nor Microsoft had made any similar promises. Microsoft enjoys a few advantages compared to Sony, including a more diverse financial portfolio and less reliance on the Japanese currency. Time will tell if Microsoft will keep the prices of its consoles static.
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