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Sony is likely planning to release a souped-up “Pro” version of its flagship PlayStation 5 console later this year, analysts say. The move would aim to reinvigorate sales growth of the PS5, which has seen declining demand over the past year.
The Japanese technology giant cut its fiscal year sales forecast for the PS5 last week to 21 million units, down from its previous target of 25 million.An executive also warned investors to expect a “gradual decline” in sales from next year onwards.
Analysts have told CNBC they expect Sony to launch a PS5 Pro model in the second half of 2024. The updated console would feature upgraded hardware and capabilities compared to the existing PS5, launched in November 2020.
“There seems to be a broad consensus in the game industry that Sony is indeed preparing a launch of a PS5 Pro in the second half of 2024,” said Serkan Toto, CEO of Tokyo-based gaming consulting firm Kantan Games.
The PS5 Pro would aim to boost interest in the three-year-old PS5 platform while also ensuring Sony has a “great piece of hardware” ready for the late 2025 launch of Grand Theft Auto VI, one of the most hotly anticipated games of the decade, Toto added.
Sony has faced profit margin pressure in its gaming business, with margins recently dropping to their lowest levels in 10 years. However, analysts said that even with a PS5 Pro launch, Sony may keep pricing unchanged on the original PS5 instead of the usual discounts in past console generations.
“A scenario where Sony launches a PS5 Pro, but still experiences declining year-on-year hardware sales is very much within the realms of possibility,” said George Jijiashvili, senior principal analyst at research firm Omdia.
Sony’s gaming revenues have faced headwinds as the boom from COVID-19 lockdowns has faded. Its results follow similar slowdowns reported by Xbox maker Microsoft and PC gaming specialist Nvidia in recent months.
The company launched a high-end PS4 Pro around three years after the original PS4’s debut. The PS4 Pro featured upgraded graphics power and 4K resolution support. Considering that, the upgrade has been long overdue now. Sony released a lighter, slimmer PS5 model with a detachable disk drive in October 2023, but internal specifications were unchanged.
The Japanese technology giant cut its fiscal year sales forecast for the PS5 last week to 21 million units, down from its previous target of 25 million.An executive also warned investors to expect a “gradual decline” in sales from next year onwards.
Analysts have told CNBC they expect Sony to launch a PS5 Pro model in the second half of 2024. The updated console would feature upgraded hardware and capabilities compared to the existing PS5, launched in November 2020.
“There seems to be a broad consensus in the game industry that Sony is indeed preparing a launch of a PS5 Pro in the second half of 2024,” said Serkan Toto, CEO of Tokyo-based gaming consulting firm Kantan Games.
The PS5 Pro would aim to boost interest in the three-year-old PS5 platform while also ensuring Sony has a “great piece of hardware” ready for the late 2025 launch of Grand Theft Auto VI, one of the most hotly anticipated games of the decade, Toto added.
Sony has faced profit margin pressure in its gaming business, with margins recently dropping to their lowest levels in 10 years. However, analysts said that even with a PS5 Pro launch, Sony may keep pricing unchanged on the original PS5 instead of the usual discounts in past console generations.
“A scenario where Sony launches a PS5 Pro, but still experiences declining year-on-year hardware sales is very much within the realms of possibility,” said George Jijiashvili, senior principal analyst at research firm Omdia.
Sony’s gaming revenues have faced headwinds as the boom from COVID-19 lockdowns has faded. Its results follow similar slowdowns reported by Xbox maker Microsoft and PC gaming specialist Nvidia in recent months.
The company launched a high-end PS4 Pro around three years after the original PS4’s debut. The PS4 Pro featured upgraded graphics power and 4K resolution support. Considering that, the upgrade has been long overdue now. Sony released a lighter, slimmer PS5 model with a detachable disk drive in October 2023, but internal specifications were unchanged.
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