Sony Announces $100 Price Hike for PS5 Consoles

Sony is raising the price of its PlayStation 5 consoles globally starting April 2nd. In an announcement on Friday, the company says that the standard PS5 will now cost $649.99, up from $549.99. Meanwhile, the PS5 Digital Edition now costs $599.99 instead of $499.99, and the PlayStation 5 Pro will cost $899.99 instead of $749.99.

Along with these changes, Sony is increasing the price of its PlayStation Portal as well, going from $199.99 to $249.99.

This is the second time in less than a year that Sony has raised the price of its PS5 consoles, as the company hiked prices by $50 for all three models last August. Sony cites "continued pressures in the global economic environment, including high inflation rates, adverse currency trends, and supply chain challenges" as the reasons for the latest price increases.

The price hikes come at a challenging time for Sony's gaming division, as the company has struggled to meet demand for the PS5 due to ongoing chip shortages and supply chain disruptions. Despite these issues, Sony has reported strong sales of the console, with over 32 million units shipped as of December 2022.

The PlayStation 5 has been in high demand since its launch in November 2020, with many consumers struggling to secure a unit due to supply constraints. Sony's decision to raise prices may be an attempt to balance the supply and demand equation, as the company seeks to maintain profitability in the face of ongoing economic challenges.

Despite the price increases, Sony remains confident in the long-term success of the PS5, citing the console's strong game library and the ongoing development of new titles and services. The company has also hinted at the possibility of a PS5 Pro model, which could offer even more advanced features and capabilities for hardcore gamers.