The PlayStation 5 took the gaming world by storm when it launched in 2020.
With its cutting-edge hardware including ultra-fast SSD storage and ray tracing support, the PS5 represented a major leap forward for console gaming.
However, Sony recently indicated that the PS5 may be entering the “latter stages of its life cycle” sooner than expected.
What does this mean for the future of the platform?
Why Are PS5 Sales Slowing Down?
Sony originally predicted it would sell around 25 million PS5 consoles in the fiscal year ending March 2024.
However, it has now revised that estimate down to just 21 million units sold.
While PS5 sales increased to 8.2 million in Q3 2023 from 6.3 million the previous year, this was still around 1 million units below Sony’s projections.
The slower than expected sales come despite the release of major first-party exclusives like Spider-Man: Miles Morales in 2023.
Sony says it will now focus more on profitability rather than pushing unit sales.
The company expects PS5 sales to decline further in the coming fiscal year.
Is the PS5 Pro Coming Soon?
Rumors have swirled for a while now about a potential PS5 Pro model coming in 2024 or 2025.
This mid-generation upgrade would provide a performance boost, just like the PS4 Pro did for the base PS4.
However, Sony has yet to confirm the existence of a PS5 Pro.
With sales momentum slowing down, it’s unclear if a PS5 Pro makes sense right now.
Releasing new hardware could further complicate production.
Sony stated that no major new first-party franchises are slated for 2024 either.
What Does This Mean for The Future of PS5?
Entering the “latter stages of its life cycle” indicates that the PS5’s peak sales years are likely behind it now.
This is fairly typical for console cycles – sales are highest in the first 2-3 years after launch before declining.
However, with the PS5 only turning three in 2024, this shift has happened quicker than usual.
The global chip shortage limiting supply is likely a major factor.
Sony also faces stiffer competition now from Microsoft’s Xbox Series X/S.
The PS5’s sunset is still years away, but Sony appears to be bracing for a plateau in sales.
Big exclusive games will be key to driving interest.
However, the PS5 Pro could give sales a shot in the arm down the line if Sony decides to release an upgraded model.
Nevertheless, the PS5 still has several good years ahead of it even if the heyday is over.
Hardcore PlayStation fans can likely expect at least 3-4 more years of support before the talk of a PS6 gets serious!
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