- PS5 sales dropped by 29% year-on-year last quarter.
- Sony sold 20.8 million units in fiscal year 2023 compared to its 21 million target.
- The 21 million target was a revised figure, which Sony changed from the original 25 million target.
Console gaming is in a tricky spot right now. With Xbox almost out of the picture and Sony not selling as many PS5 units as it wants, the future seems tense. According to new financial results, Sony missed this fiscal year’s sales target of 21 million sales.
Why it matters: The PS5 remains this generation’s best-selling high-end home console. However, the sales are slowing down, leading to concerns about console gaming as a whole.
Tom Warren of The Verge has created a graph showing that sales declined about 29% on a year-over-year basis in the recent quarter. In fiscal year 2023, Sony managed to sell 20.8 million PS5 units, falling just short of the 21 million target.
The console has also sold 59.2 million lifetime units so far, compared to the less than 30 million sales of the Xbox Series X and S combined. However, Sony’s target aimed for 200K additional sales last quarter.
Sony initially aimed for 25 million sales, but consoles were already beginning to slow down earlier last year. Therefore, the target was revised to 21 million. Still, Sony has been unable to meet its goals.
Sony expects the sales to decline further as the PS5 enters the latter part of its lifecycle. The next fiscal year aims for 18 million sales, though this may be easier to achieve for Sony.
This is mainly due to the upcoming PS5 Pro, which is said to be an upgraded console. With a release expected later this year, the gaming giant should be able to use the buzz around a new console to drive more unit sales.
It seems the downward trend in console sales is now a norm. Most consoles have recorded a sales decline, and that will continue until a new iteration of their hardware arrives. Sony and Nintendo have the advantage here, as they are set to launch the PS5 Pro and the next-gen Switch, respectively.
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