Sony is cooling its PlayStation 5 console sales projections as the company looks towards the end of its 2023 fiscal year, ending on March 31st.
As a result of its third-quarter earnings report, Sony’s revised forecast estimates 21 million consoles may be sold, down from the previously forecasted 25 million units, reports Bloomberg. In its Q3 report, Sony highlighted that PS5 console sales were up. The company reports an increase to 8.2 million units, compared to 6.3 in the same quarter the year prior. However, this was one million units lower than Sony had projected.
Sony’s boom in console sales during Q3 was in part due to the introduction of the PS5 Slim. Additionally, the quarter saw a strong software offering, including Marvel’s Spider-Man 2. The game launched on October 20th and quickly became the fastest-selling game in PlayStation Studios’ history. There was also a strong third-party offering that seemed compelling for the PlayStation ecosystem.
Gaming revenue was also up for Sony in its third-quarter report. It’s said that gaming revenue jumped 16 percent compared to the same quarter from the previous year. Sony reports 1.4 trillion yen (around $12.5 billion CAD) in gaming revenue. Operating income, however, is said to have dropped 26 percent to 86.1 billion yen (roughly $774 million CAD).
Sony Group president, chief operating officer, and chief financial officer Hiroki Totoki provided some comments on PS5 hardware sales. Gematsu reports Totoki said, “Regarding the PlayStation 5 hardware, which will enter its fifth year since launch, partially due to its entering the latter half of the console cycle, we aim to optimize sales with a greater emphasis on balance with profits, so we anticipate a gradual decline in unit sales from next fiscal year onwards.”
Furthermore, Sony is said to not be planning any “new major existing franchise titles” for the next fiscal year. Between April 1, 2024, and March 31, 2025, it appears as though there will not be any new installments in franchises such as God of War, Ghost of Tsushima, Horizon, etc. Totoki states that “major projects” are currently under development. However, this leaves room for titles such as Fairgame$ and Concord, both new IPs from PlayStation Studios. The next fiscal year will also leverage strong second-party titles like Stellar Blade and Rise of the Ronin.
