PS5 breaks sales records as component shortage is resolved
The past few weeks have been full of news about Sony's sales expectations for the PS5. A report from Circana (formerly NPD) had already revealed that the last quarter was the best for the console since its launch, at least in the US. Today, Sony is announcing the PlayStation 5's sales results for its latest fiscal quarter, and they are excellent.
According to data provided by Sony, between January 1 and March 31, 2023, 6.3 million units were sold, far exceeding their forecast of 5.2 million. In fact, the PS5 has just set a new record: that of the best-selling console in history during the first three months of a calendar (not fiscal) year.
PS5 success after supply problems resolved
This clearly shows that Sony has managed to solve all the problems that prevented the PS5 from being a success at launch. Recall that the console was released in November 2020, but for many months the company could not meet the demand due to various factors. First, the pandemic, which led to the closure of Asian production lines. Second, the component shortage, which affected the entire technology industry.
In the United States and Europe, the most important markets for PlayStation, it was still impossible to find a PS5 midway through the previous year. However, Sony managed to overcome these difficulties, and in the second half of 2022, the situation has improved considerably. The shortage is now behind them, and the Japanese were finally able to meet the huge global demand for their console.
Impressive numbers for the PS5 and a promising future
Sony says that to date, 38.4 million PS5s have been sold, of which 19.1 million (half) belong to fiscal year 2022. More importantly, they estimate that this pace of sales will continue until reaching 63.4 million consoles sold by March 2024.
If these predictions come true, the PS5 will be well on its way to surpassing its predecessor, the PlayStation 4, which has more than 120 million units sold to date.
A success story that benefits Sony and its ecosystem
Sony can also take heart from software distribution. In the last quarter of fiscal year 2022, 70.5 million copies were sold, surpassing the 68 million in the same period the previous year. In addition, PlayStation Plus now has 108 million users, a slight increase from the 106 million reported in Q4 2021.
Of course, these extraordinary numbers have benefited Sony's finances. The company recorded one of the best years in its history thanks to the PS5's momentum, generating $8.9 billion in profits for fiscal year 2022, a new record for the Japanese company.
PS5's popularity expected to continue thanks to exclusive game strategy
Sony is confident that the PS5 will continue to be popular, mainly due to its strategy of launching exclusive games. The highly anticipated Final Fantasy XVI will be released on June 22, and Marvel's Spider-Man 2, another guaranteed bestseller, is expected to be available in the final months of the year.
In conclusion, the PS5 has met all the challenges and established itself as a true commercial success. Thanks to the resolution of supply issues and a well thought-out exclusive game strategy, Sony can look forward to the future with optimism and ambition.
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