Sony has expressed its belief that sales of the PlayStation 5 can accelerate in order to meet its ambitious sales target for this financial year. The company began the year by selling 3.3 million units of the PS5 during the three months leading up to June. Although this number is higher than the 2.4 million units sold during the same period last year, it fell short of expectations.
Sony has set an unprecedented target of selling 25 million PS5 consoles this financial year. If achieved, this figure would break the record for the highest number of PlayStation consoles sold in a single year. Prior to this, the PS5 had already sold 40 million units since its launch in November 2020, although this is slightly behind the sales of its predecessor, the PlayStation 4.
Sony has announced plans to implement promotional strategies to boost sales momentum. Sony’s president, Hiroki Totoki, stated that there are ample opportunities for the company to catch up and achieve their target.
Despite sales performance, the PlayStation business has demonstrated strong financial results. Sales for the three-month period increased by 28% to 771.9 billion yen ($5.3 billion). This growth can be attributed to increased sales of third-party games, hardware, and the positive impact of foreign exchange rates. However, operating income decreased by 7% to 49.2 billion yen ($343 million), primarily due to the costs associated with Sony’s acquisition of Bungie, the developer behind Destiny, for $3.6 billion.
Looking ahead to the remainder of the financial year, Sony has adjusted its PlayStation sales prediction to 4.1 trillion yen ($29.1 billion), reflecting a 7% increase. However, the operating income prediction remains the same due to the ‘deterioration in profitability’ of the PS5 hardware, likely caused by changes in promotions and sales channels. Sony also noted temporary price cuts for the PS5 and delays in the release of certain first-party titles as contributing factors.
Sony anticipates a significant surge in sales when Insomniac’s highly anticipated Spider-Man 2 launches on October 20th.
In conclusion, Sony is determined to achieve its remarkable sales target for the PS5, setting the stage for a potential record-breaking year. With strategic promotions and the release of highly anticipated titles, the company aims to capitalize on the strong performance of the PlayStation business and maintain its position as a leader in the gaming industry.
