PS5 Pro to Sell Over 10 Million Units
With no comparable mid-generation upgrade from Microsoft, and Nintendo’s upcoming console expected to be less powerful than the base PS5, Sony is positioning the PS5 Pro as a premium offering for console gamers seeking superior graphics performance. Although the $699 price point will make PS5 Pro the most expensive console on the market, it is still priced lower than a comparable gaming PC. This is essentially a luxury offering for gamers who already have a console game library and value living room experience, convenience, and guaranteed performance.
We believe the main audience for the PS5 Pro are early adopters of the PS5 and price insensitive gamers on other current or last generation consoles looking for higher fidelity experiences. We also expect to see increased geographic expansion compared to the PS4 Pro as Asia and the Middle East, which have become notable markets for PlayStation, see a rising middle class willing to invest in high-end entertainment. In our recent blog post on the success of Black Myth: Wukong in China, we noted that PS5 sales had increased significantly due to the popularity of the game.
The base PS5 models will continue to be the main entry point into current gen gaming, and we continue to see the PS5 Digital Edition increase its market share due to its lower price and increasing acceptance of digital only gaming. A price drop for the base models, combined with major releases like Grand Theft Auto 6, would be far more impactful in expanding the PS5’s installed base.
However, we do not expect to see a price drop on PlayStation hardware this year or in the first half of 2025. We estimate the PS5 Pro will account for roughly 10% of lifetime PS5 sales, pushing it over 10 million units.
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