Sony Interactive Entertainment (SIE) has announced significant price increases for the PlayStation 5 (PS5) and its accessories in Japan, effective from September 2, 2024. The standard PS5 with a disc drive will see a price hike to 79,980 yen ($553), up from 66,980 yen, while the digital edition will increase to 72,980 yen from 59,980 yen. This represents a price hike of 19% and 21%, respectively. The PlayStation VR2 headset will be priced at 89,980 yen ($622), a 20% increase from its previous price of 74,980 yen ($518).
Sony is putting this big jump in prices on escalating costs of components like semiconductors, which have made it increasingly challenging for the company to reduce the production costs of the PS5 compared to earlier generations like the PS4. This marks the third price hike for the PS5 in Japan since its launch in November 2020, when it was initially priced at 54,978 yen ($380).
Despite the current price increases, PlayStation VR2 sales experienced a dramatic surge recently, following a substantial discount, suggesting that consumer demand remains strong under the right conditions. The recent price hikes are currently limited to Japan, with no indication of similar changes in other regions.
