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In a nutshell: Sony has increased the price of its original PlayStation 5 console in several regions, citing a challenging economic environment that includes both high inflation and fluctuating exchange rates. Aren't prices for aging consoles supposed to go down over time, not up?
In Europe, the PS5 digital edition now carries a recommended retail price (RRP) of 499.99 euros. That's up from the previous rate of 449.99 euros and the 399 euro launch price when the system debuted a little over four years ago. In the UK, you'll now pay £429.99 for a PS5 digital edition (previously £389.99).
The PS5 with disc drive will retain its existing price point in these regions, Sony said. In Australia and New Zealand, however, both the PS5 with disc drive and digital editions are now more expensive. In Australia, it's now AUD $829.95 for the drive version or $749.95 for the digital variant; New Zealanders will pay NZD $949.95 for a model with a disc drive or NZD $859.95 for a PS5 digital.
Note that pricing for the newer PS5 Pro remains unchanged in all regions.
Historically, console prices decrease as a system ages, and especially after slim models or mid-cycle variants are released. Sony has bucked that trend with the PS5, and this isn't the first time they've increase the console's cost.
In the summer of 2022, Sony raised the price of the PS5 in several regions outside of the US. A challenging global economic environment was cited as the reason for that hike. In fairness, the industry was also just coming out of the chip shortage brought about by the Covid-19 pandemic a few years earlier.
The fact that Sony is leaving PS5 Pro pricing alone (for now) could suggest the company wants to steer buyers toward its more expensive option, although some will argue that the Pro is already overpriced as-is.
For now, PS5 pricing in the US remains unchanged, but will it last? Serkan Toto, CEO of Tokyo-based games consultancy Kantan Games, told CNBC he would be surprised if Sony was able to keep PlayStation prices stable in the US. "Now is the 'right' time for the company to hike prices because user backlash would be comparably limited," Toto noted.
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