One notable thing missing from last night’s Playstation 5 event was…the price. We saw a whole host of games as well as what the console and accessories will look like but no word on how much it will all cost. With the current COVID-19 pandemic, millions of people across many countries find themselves either out of work or in overall worse financial situations than they were in before. Depending on where the world is at with the pandemic come the Holidays, people might be a lot more money conscious when it comes to buying gifts.
While speaking to the BBC, Playstation boss Jim Ryan discussed whether releasing a new console during the COVID-19 pandemic was a good choice. Ryan called the gaming industry a “more recession proof sector”, which is quite true. During the pandemic, we have seen gaming sales skyrocket as people turn to gaming for entertainment during this difficult time. He also admitted “this will sharpen our need to ensure that we focus on getting the value equation right.” Its unclear what he means by value equation, but this could perhaps be the reason why we saw the reveal of a digital-only Playstation 5 as well. By removing the disk drive and making it digital only, this should lower the price of the console and make it more affordable for a wider array of people in the early weeks and months of the consoles release.
Michael Pachter, an analyst at Wedbush Securities, also seems to think that the PS5 price will be $500, which would fit in line with what a new console would likely retail for. It is also expected that Microsoft are holding off revealing their price until Sony does so they can undercut. This could also be a good reason to reveal a digital only console. If Sony announce the Playstation 5 will be $499 and then Microsoft announce the Xbox Series X will be $449 or, even better, $399, then Sony can then announce the digital only PS5 as $399 or $349. A lower-priced PS5 and Microsoft undercutting the core PS5 would put either console at greater reach to consumers and likely increase sales, although Sony are expected limited amount of units at launch due to troubles manufacturing during the pandemic.
With Microsoft’s next Xbox Series X event happening in July, it would make sense for them to announce their price. If they don’t then it seems true that they are waiting for Sony to announce the Playstation 5 price so they can undercut it.
Which console are you looking at grabbing at launch? The Playstation 5 or Xbox Series X? Let us know in the comments.
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