February 20th 2024.
Have you seen the latest fan render of the potential design for the highly anticipated PS5 Pro? Rumor has it that Sony is aiming for a 2024 release of the upgraded console, in hopes of boosting their declining profits. And with the hype surrounding the upcoming GTA 6, it seems like the perfect time for a new and improved console.
Despite currently outselling its main competitor by a significant margin, the PlayStation 5 is facing some challenges. The release of first-party games has slowed down, and it's projected to miss its sales goal for the year by four million consoles. This has caused concern among investors, resulting in a $10 billion drop in Sony's value.
As we discussed last week, both Xbox and PlayStation are struggling to address the issue of rising game development costs in this generation. Instead of acknowledging this problem, analysts believe that Sony's solution is to release the PS5 Pro.
Rumors about the PS5 Pro have been circulating for a while now, with leaked details about its technical specifications and a potential release date in September. While Sony has not officially announced any plans for a mid-generation upgrade, executives have hinted at a release as early as 2022, originally planned for 2023.
According to Tokyo-based analyst Serkan Toto, there is a widespread belief in the gaming industry that Sony is indeed preparing for a PS5 Pro launch in the second half of 2024. This lines up perfectly with the release of GTA 6 in 2025, which is expected to be a major boost for the gaming industry as a whole.
Although there is no confirmed release date for GTA 6 yet, many have expressed concerns about how well current consoles will be able to handle the game's graphics. If Sony positions the PS5 Pro as the preferred way to play the game, it could potentially increase sales and even reverse the decline in console sales due to the PS5's age.
Unlike Microsoft, which has no plans for a mid-generation upgrade, there are rumors of a new console model from Sony this autumn, possibly a PS5 Slim. Microsoft has already announced plans for next-generation hardware, but Sony has yet to talk about the PlayStation 6, although there have been some initial rumors about their plans.
One of Sony's current problems is the drop in their operating margin, which is at an all-time low. The company has vaguely attributed this to a need for better balance between sales and profits. However, Toto believes that the high cost of game development is to blame, citing the enormous $300 million budget for Spider-Man 2 as unsustainable.
As a result, Sony is increasingly focusing on live service games and considering making their first-party titles available on multiple platforms. However, it seems that their solution to the profit problem is not to reduce the price of the PS5 Slim once the PS5 Pro is released, according to Omdia analyst George Jijiashvili. He believes that there is a possibility of declining hardware sales even with the release of the PS5 Pro.
It's clear that until Sony and Microsoft address the issue of rising game development costs, profits will continue to be a concern. Which is why Sony is so interested in live service games and why both companies are considering making their exclusive titles available on other platforms.
Are you excited about the potential release of the PS5 Pro? Or do you think Sony should focus on addressing the issue of game development costs? Let us know your thoughts by emailing us, leaving a comment below, following us on Twitter, and signing up for our newsletter.
In other news, the PS5 Slim console has been discounted to £409 at Currys and Amazon, and there are rumors that the new Astro Bot game could come to PS5 this year. Additionally, Sony is now discussing the possibility of their exclusive titles going multiplatform.
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