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Aug 28, 2024 2:20 PM

SONY Raises PlayStation 5 Price in Japan by 19%, Stock Up 3.5%

Sony Group Corporation (NYSE: SONY) recently announced a 19% price increase for its PlayStation 5 (PS5) console in Japan, highlighting a challenging external environment (including fluctuations in the global economy) as the primary reason. Beginning Sept 2., 2024, the PS5 will cost ¥79,980 for the standard edition and ¥72,980 for the digital edition.

PS5 was initially launched in November 2020. The price hike comes when the PS5 is expected to be succeeded by a revamped version shortly.

The company also hiked prices for its accessories, including the DualSense wireless controller and Pulse Elite wireless headset, with the changes set to take effect from Sept. 2, 2024.

After the announcement, Sony's stock gained 3.5% on Aug. 27 and closed trading at $96.07, underscoring positive market reception to the price hike.

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