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TOKYO – Sony on Thursday unveiled its next-generation PlayStation 5 gaming console in major regions including Japan and the U.S. The Japanese electronics group targets Asia as a key market as it battles rivals for share of market.
The PS5 hits the market two days after Microsoft launched its latest console, the Xbox Series X. Along with Nintendo, which will not launch a new console this year, companies are expecting a great sales season as demand driven by the Home entertainment pandemic provides a tailwind for the entire gaming industry.
The PS5 went on sale for $ 499, along with a cheaper digital edition priced at $ 399. The unit is a successor to the PS4, released seven years ago.
Previous console releases have drawn crowds of fans to the stores. This time, the PS5 launch day sales were held online in an attempt to prevent the spread of the coronavirus. Pre-orders sold out quickly in September.
“The COVID-19 situation makes us very nervous about putting stock in stores around the launch window,” said Jim Ryan, president and CEO of Sony Interactive Entertainment, which produces the PS5, in an interview with Nikkei Asia. . He said the company wanted to avoid long lines in front of stores.
The PS5 and Xbox Series X, which also launched at $ 499, have similar specs, with fast solid-state drives and powerful processors. But Sony has been able to offer exclusive software for the PS5, including titles like Spider-Man: Miles Morales and Demon’s Souls.
Ryan said a strong line of games would support PS5 sales: “We have more games and better games than ever.”
Last month, Sony said it expects to sell more than 7.6 million units of the PS5 by the end of March 2021, which would exceed sales of the PS4 for a similar period after its launch.
UK-based data analytics company Ampere Analysis predicts that the PS5 could sell up to 17.9 million units by the end of 2021 and more than 67 million units by 2024, 52% more than its projection for the US. Microsoft Xbox sales.
The Japanese conglomerate has already seen an increase in profits thanks to a surge in homebound players amid the coronavirus. Game sales rose more than 20% in the first six months of this fiscal year, prompting Sony to raise its forecast for the full year with a 37% increase in net profit to 800 billion yen ($ 7.6 billion).
While Sony does not expect PS5 sales to contribute to its earnings this fiscal year, Ryan noted: “We are extremely confident that the PS5 will quickly contribute to a very healthy PlayStation financial ecosystem.”
In 2013, Sony’s launch of the PS4 in Japan came three months after the launch in the US and Europe. Ryan said that, in hindsight, “it was not a respectful move into a very important market.” This time, Sony has decided to launch the PS5 in Japan on the same day as other major regions.
Ryan noted that Japan is an important market for his series of consoles. “It is the number two market for PS4 after the United States and we anticipate that it will continue,” he said.
Ryan also predicted “a great opportunity” in Southeast Asia, where Sony “is just beginning to exploit its potential.” He cited the region’s large population, savvy about technology and fast-growing disposable income.
Southeast Asia has seen massive growth in entertainment consumption during COVID-19, with consumer use in the video streaming sector increasing more than 20%, according to a report by Google, Singaporean state investor Temasek and the American consultancy Bain and Company.
“You will see renewed energy and investment from PlayStation in those markets,” Ryan said, adding: “We are going to reorganize our presence in the market, transform our marketing. [and] reinvigorate our connection to the local PlayStation community. “
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