Sony has announced price increases for its PlayStation 5 consoles in the US, starting today. The changes will see the PS5’s base model cost $549.99, up from its previous price of $499.99, while the more expensive PS5 Pro model now costs $749.99. However, accessories such as controllers and headsets remain unchanged.
The decision to raise prices was attributed to a “challenging economic environment” by Sony. Nintendo has also recently increased the price of its Switch console, citing market conditions rather than inflation.
Some analysts believe game prices may follow suit, with Nintendo’s recent trend of charging $80 for many titles. Sony could argue that higher development costs due to inflation justify similar price hikes for its games.
In a broader context, Sony’s shares have performed well despite economic pressure, increasing 54% over the past year. Wall Street analysts are optimistic about the company’s future, with a Strong Buy consensus rating and an average stock price target of $31 per share.
Source: https://www.tipranks.com/news/sony-stock-slips-on-ps5-price-hike