Facepalm: Sony is increasing the recommended retail price of its PlayStation 5 consoles in the US. Effective August 21, all models will carry an MSRP that's $50 higher than they are today.
As of writing, Sony's digital edition PlayStation 5 retails for $449.99, the standard PS5 commands $499.99, and the PlayStation 5 Pro sells for $699.99. Starting tomorrow, buyers will pay $499.99 for a digital edition console, $549.99 for a standard machine, and $749.99 for a PlayStation 5 Pro.
Sony blamed a challenging economic environment for the price hike, adding that it was a difficult decision to increase the console's cost to consumers. As a consolation, retail prices for PlayStation 5 accessories will remain unchanged.
The US isn't the first market to feel the squeeze. Earlier this year, Sony increased the cost of its current generation gaming platform in other regions including Australia, Europe, and New Zealand. Talk of a US price hike was floated during an earnings call in the spring, and now it has come to fruition.
Unfortunately for gamers, price increases are becoming the norm rather than the exception. In May, Microsoft rolled out a significant price hike across its Xbox family of consoles and accessories. The company also announced that first-party Xbox games would now cost $80 but eventually walked back this decision following significant backlash.
Nintendo, meanwhile, quietly increased the cost of its original Switch earlier this month, from $299.99 to $339.99. The Switch OLED now retails for $399.99, and the Switch Lite will set buyers back $229.99 (from $349.99 and $199.99, respectively).
It is an unprecedented moment in console gaming history. As technology improves, hardware gets cheaper, and manufacturing costs fall, those savings have typically been passed along to the consumer. I first got into gaming in the mid-1980s and was heavily entrenched in the 90s and even deep into the 2000s. This is the first time I can recall system prices increasing – rather than decreasing – mid-cycle.
Image credit: Roberto Minasi, Taylor R