Sony’s PlayStation 5 is hands-down the best current-gen gaming console. Until July 2023, PlayStation 5 was also one of the best-selling consoles in 2023 and sold 12.8 million units in total. However, when the console was launched, and even sometime after, the demand for it was skyrocketing.
So much so that there was a shortage of console units, and Sony attributed it to a semiconductor chip shortage. This resulted from the global chip shortage due to the COVID-19 pandemic. This meant that many gamers could not get their hands on Sony’s latest console.
As a result, the prices for the PlayStation 5 were inflated by almost 20% in most of its markets except the United States. However, nearly three years after its release, things seem to be looking up for Sony as the console is finally restocked at total capacity everywhere, per Sony’s head of business operations.
“This Holiday Season Is the First Holiday Season We Will Be Fully Stocked on PlayStation 5 in Every Geography”, Says Sony’s Head of Business Operations, Eric Lempel
In an exclusive interview with CNBC, it was scheduled earlier this week, with Eric Lempel, Sony’s Head of Business Operations. He stated that there is no longer a stock crunch for the PlayStation 5. It was also revealed that since its launch, this is the first holiday season the company can go full throttle with the production rate.
This means people who haven’t purchased the console can wait for the Holiday Season and festive deals to buy their PlayStation 5. The news follows an array of subsequent shortages in the console’s stock worldwide. There was a time, just after launch, when both the PlayStation 5 and Xbox Series X were almost always out of stock.
The 2020-2023 global chip shortage affected more than 169 industries, including the Video Game Console. The chip shortage affected not just the PlayStation 5 but Microsoft’s current-gen consoles, Xbox Series X and S. It was evident that Sony was failing to meet the demand for the console due to the chip shortage.
Lempel also mentioned this in the interview. Acknowledging this, he said:
We launched back in 2020,…We suffered from the same supply chain issues that everybody was dealing with.We suffered from the same supply chain issues that everybody was dealing with. Unfortunately, we weren’t able to deliver PS5 to every consumer that wanted one.
As per some journalists, the stock shortage due to the global chip shortage also shifted Sony’s strategy. The supply chain shortage for the PlayStation 5 caused Sony to port initial PS5 exclusives like Gran Turismo 7 and God of War Ragnarok to the PlayStation 4.
Factors Which Could Help and Prevent Sony Achieving Its Sales Target for the PlayStation 5 in 2023
Sony had set a sales target of 25 million units in 2023. Suppose Sony can meet this target thanks to the supply of the consoles being in full force. This would be the most remarkable year for any PlayStation machine ever sold.
If Sony can achieve this target, it could be attributed partly to the release of primary PlayStation 5 exclusives like Marvel’s Spiderman 2 and Final Fantasy 16. Holiday bundles, sales, and the launch of the PS5 Slim.
The recent merger between Activision and Microsoft, the Xbox Series S’s 1 TB variant, are factors that could tip the scales a little towards Microsoft. But, considering the current statistics, the PlayStation 5 had exceeded the Xbox Series X and S in terms of sales way back.
Sony and other rivals in the game saw the 69 billion dollar merger between Activision and Microsoft as a threat. Microsoft also compromised with the U.K. regulation body and sold the cloud streaming rights to Ubisoft. This was done to level the playing field in terms of competition.
Eric Lempel revealed that the company is on track to produce record-breaking sales for the console. Sony is expected to announce the official statistics and key figures on November 9.
Follow us for more entertainment coverage on Facebook, Twitter, Instagram, and YouTube.
