Friday, August 12, 2022

Sony lowers forecast for PS5 gaming sales in 2022

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Shreya Christina
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At the end of the fiscal year in May, Sony was fairly optimistic about game sales, to predict selling 18 million PlayStation 5s for 2022 after selling 11.5 million in 2021. The company also expected a “significant” sales increase in its gaming division over 2021 due to a boost in “all categories”.

However, in the latest drop in earnings, the company slashed its earnings forecast by 16 percent from 305 billion yen ($2.3 billion) in May to 255 billion yen ($1.9 billion), “following an expected decline in sales of first party titles” it wrote. The company also attributed the drop in revenue to higher costs due to the earlier-than-expected closing of the Bungie Studios acquisition.

Sony hasn’t said anything about its PS5 console forecast, but it sold 2.4 million units this quarter, compared to 2.3 million in the same quarter last year (21.4 million units so far). That means it will need to sell more than 5 million units on average over the next three quarters to meet the May forecast — something it has never done before. In May, however, Sony said it will finally be able to ramp up production to meet demand for PS5 as supply chain problems ease – although consoles as it stands are still scarce.

On the software side, things also went awry, as Sony sold just 47.1 million titles, including 6.4 million first party games, compared to 63.6 million titles and 10.5 million first party games in the same quarter. 2021. In addition, PlayStation Plus users decreased slightly from the fourth quarter (47.3 million instead of 47.4 million), and monthly active users also decreased from 106 to 102 million. Sony introduced the new, more expensive PS Plus Extra and Premium tiers in June, but their impact has yet to be revealed – hopefully we’ll find out more next quarter.

Looking ahead, Sony has a few big titles up its sleeve that could boost software sales, including: God of War Ragnarok coming November 9, and The Last of Us Part I remake is coming September 2. As for the hardware, the PSVR 2 has been unveiled, but it’s not expected to release until next year.

The next quarter will be a lot more interesting for Sony’s gaming division, as PS5 sales will show whether it has been able to ramp up production. Game sales will also be noteworthy, as the precipitous decline this quarter bodes ominously for the industry as a whole.

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