Sony Interactive Entertainment has confirmed that the recommended retail price of the PlayStation 5 has increased in select markets due to the current global economic climate. The PlayStation 5 released in 2020 with a retail price of $499 USD, equalling the price of Microsoft's rival console, the Xbox Series X.
Sony's PlayStation 5 hasn't been easy to buy for many since its launch in November 2020 due to online-only purchases at the time, which were abused by scalpers. As a result, many who had considered buying the latest PlayStation console had held off until there was more stock, and the option to purchase the console in stores, rather than paying the over-inflated prices that the Scalper market was offering on resale sites such as eBay. Unfortunately for those who may have been holding off for these reasons, or waiting for the long-rumored PlayStation 5 Pro, they will now have to purchase the console for more than it sold for at launch.
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In an official statement from PlayStation CEO Jim Ryan, he confirmed that Sony Interactive Entertainment has made the decision to increase the recommended retail price (RRP) of both the digital and disc versions of the PlayStation 5 in select markets across Europe, the Middle East, and Africa (EMEA), Asia-Pacific (APAC), Latin America (LATAM), as well as Canada, with the price changes effective immediately in most areas. Ryan cited the current global economic environment with its high global inflation rates and adverse currency trend as the reason for this
Fortunately for those looking to purchase a PlayStation 5 in the United States, Sony's post stated that there will be no price increase in the US. It's unclear why exactly this is the case, as current inflation rates are a global issue. Regardless, here's how much it will now cost to purchase a PS5 in the territories Sony says are affected:
One of the PlayStation's major selling points was its exclusive games library, with that being the main reason players would cite for purchasing a PlayStation over an Xbox console. However, this may not be the case for much longer, as Jim Ryan had previously announced that Sony aimed to move 50% of PlayStation's exclusive games onto PC to reach a larger market. This move has already been a huge success with acclaimed titles such as God of War and Marvel's Spider-Man: Remastered. With the current supply scarcity of the PlayStation 5 and the new price increase, some players might now be considering whether or not they will just opt to wait for a ported version to come to PC.
While Ryan's post makes sense from a business perspective for Sony, many players who were hoping they'd be able to pick up a PlayStation 5 once the price drops over time will likely be disappointed. Although PC ports are somewhat inevitable, this price increase comes at a time when many may have been looking to upgrade to Sony's current-gen console, as upcoming first-party exclusives such as Marvel's Spider-Man 2 will be PS5 exclusives as opposed to releasing on the PlayStation 4 as well.
Source: PlayStation