Following financial challenges like rising interest rates, Sony Group Corp. announced on Thursday that it was raising the price of its PlayStation 5 gaming console in areas including Europe, Japan, and Britain.
The disk drive-equipped version of the console will now cost €549.99 ($550.81), up from the previous price of €499.99 in Europe. A similar price increase will also take place in Japan, according to Sony.
In the United States, where it is in a price war with Microsoft Corp.’s Xbox, which is actively growing its games subscription service, the Japanese entertainment powerhouse stated there would be no price increases.
The chief executive of Sony Interactive Entertainment, Jim Ryan, noted in a blog post that “we’re seeing high worldwide inflation rates, as well as unfavorable exchange patterns, harming consumers and placing pressure on numerous businesses.”
The price increase comes as hardware shortages and supply chain delays have put pressure on Sony’s games division. The company is seeking to increase PS5 production in time for the holiday shopping season.
After selling 11.5 million devices in the fiscal year that ended in March, Sony plans to sell 18 million units of the popular item this year.
PlayStation 5 Rates in Different Regions
PS5 with Ultra HD Blu-ray disc drive – €549.99 (€499.99 before)
PS5 Digital Edition – €449.99 (€399.99 before)
PS5 with Ultra HD Blu-ray disc drive – £479.99 (£449.99 before)
PS5 Digital Edition – £389.99 (£359.99 before)
PS5 with Ultra HD Blu-ray disc drive – ¥60,478 yen (¥49,980 before)
PS5 Digital Edition – ¥49,478 yen (¥39,980 before)
PS5 with Ultra HD Blu-ray disc drive – ¥4,299 yuan (¥3,899 yuan before)
PS5 Digital Edition – ¥3,499 yuan (¥3,099 yuan before)
PS5 with Ultra HD Blu-ray disc drive – AUD $799.95 (AUD $749.95 before)
PS5 Digital Edition – AUD $649.95 (AUD $599.95 before)
PS5 with Ultra HD Blu-ray disc drive – MXN $14,999 (MXN $13,999 before)
PS5 Digital Edition – MXN $12,499 (MXN $11,499 before)
PS5 with Ultra HD Blu-ray disc drive – CAD $649.99 ($629.99 before)
PS5 Digital Edition – CAD $519.99 ($499.99 before)