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PS5 owners are not buying enough new games as Sony misses analyst sales targets

PS5 owners are not buying enough new games as Sony misses analyst sales targets
Selling console isn’t everything (pic: Sony)

Hardware sales for the PS5 are going great but analysts are concerned that software sales and PS Plus subscriptions are not.

Although Microsoft has had to deal with a string of bad news lately everything seems to be working out perfectly for Sony and the PlayStation 5, with Sony’s financial report last week detailing their best spring results ever and lifetime sales in excess of 38 million consoles sold .

You’d think that was an indication that everything was going perfectly, better than expected, and yet according to analysts Sony’s results are actually below expectations.

Not in terms of hardware sales, there’s no doubting they’re very good, but the fact that not enough people are buying new games.

The obvious thing to say to that is that Sony has barely had any new games in the last 12 months. Apart from last month’s DLC expansion Burning Shores , November’s God Of War Ragnarök was Sony’s last first party release and before that Gran Turismo 7 way back in April 2022.

Sony currently doesn’t have any new games scheduled with a confirmed release date, with only Marvel’s Spider-Man 2 promised for sometime this autumn, so there’s little sign that anything is going to change quickly – even as fans hope for the fabled ‘phase two’ of the PlayStation 5, supposedly to be revealed at a summer showcase in June.

Analysts only have what Sony has officially announce to go off though and they’re concerned that despite all the good news for hardware, game sales in Sony’s record-breaking quarter were down from 70.5 million last year to just 68 million this year.

‘The momentum of software, the lucrative part of the game business, remains weak. This shows PlayStation users are not buying new games,’ said analyst Hideki Yasuda, speaking to Bloomberg .

What’s already known to be a disappointment is subscriptions for PlayStation Plus, whose recent three-tier revamp at first saw numbers decrease rather than increase . The situation only slightly improved this spring and that’s also got analysts worried.

The number of monthly active PlayStation network workers dropped from 112 million at the end of last year to 108 million this spring, suggesting that many people dropped their subscriptions after buying a PlayStation 5 at Christmas.

Analysts are also disappointed that the launch of the PlayStation VR2 in February didn’t provide much of a boost, although that’s easily explained by its high price and lack of games.

‘On the software side, Sony has a lot of work to do,’ added industry analyst Serkan Toto. ‘Everybody is waiting for PlayStation mobile and live service games: where are they?’

By ‘everybody’ he means other analysts, not gamers, for who live service games and mobile titles are the last thing they want from Sony.

Sony has promised to release at least 10 live service games by 2026 and yet it hasn’t announced any of them so far, even if it’s assumed that The Last Of Us multiplayer is one of them. That unnerves analysts and investors who, like ordinary fans, wonder why Sony is being so secretive and unwilling to announce new games.

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Some of that may be due to the ongoing furore over the Activision Blizzard acquisition but Sony’s COO has already said he expects demand for consumer electronics to lessen in Europe and China in the future.

‘We expect a clear slowdown in the European economy and feel strong uncertainty on the Chinese economy,’ said Hiroki Totoki. ‘We’re not optimistic about the outlook and remain vigilant especially on the US market, which has the largest impact to our business.’

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MORE : PS5 sales pass 38,000,000 in record breaking fourth quarter for PlayStation

MORE : PlayStation buys new developer to work on multiplayer PS5 exclusive

MORE : PS5 is selling five times more than last year as scalpers cut prices

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