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Sony is poised to unveil a revamped version of the PlayStation 5 this year, analysts have revealed to CNBC, following the company’s decision to revise down its sales outlook for its flagship gaming console.
The speculated release aims to rejuvenate interest in the PlayStation 5 and introduce an enhanced piece of hardware ahead of the highly anticipated launch of Grand Theft Auto VI in 2025, according to industry experts.
While Sony has not officially commented on the matter, analysts point to past console cycles where gaming companies have introduced refreshed hardware to stimulate sales. Notably, Sony introduced a “Pro” version of the PlayStation 4 approximately three years after the initial PS4 launch.
Industry insiders are now anticipating a similar move from Sony with the introduction of the PlayStation 5 Pro.
“There seems to be a broad consensus in the game industry that Sony is indeed preparing a launch of a PS5 Pro in the second half of 2024,” noted Serkan Toto, CEO of Kantan Games, a Tokyo-based games consultancy.
“And Sony will want to make sure to have a great piece of hardware ready when GTA VI hits in 2025, a launch that will be a shot in the arm for the entire gaming industry.”
While Sony has released slight upgrades to the PS5 in recent years, such as the PlayStation Portal handheld console, analysts suggest that the PS5 Pro would represent a more substantial upgrade.
However, despite expectations of a new console, Sony faces challenges in its gaming business, with profit margins at a decade-low. The company aims to optimize sales while striking a balance with profits, a sentiment echoed by senior principal analyst at Omdia, George Jijiashvili.
Jijiashvili suggests that even with the launch of the PS5 Pro, Sony may refrain from cutting the price of the current PS5, as has been customary in the past, potentially leading to a scenario where hardware sales continue to decline year-on-year.
As Sony navigates these challenges, the anticipated release of the PlayStation 5 Pro could signal a strategic move to revitalize its gaming business and maintain its position as a leading player in the industry.