Earlier this month, Sony released its financial earnings report for the last quarter of its previous fiscal year, which ended March 31, 2024. Based on the figures, around half of the PlayStation player base has yet to upgrade to the PlayStation 5.
Data from the financial results indicate that the number of monthly active users on the PlayStation Network was 118 million for Q4 FY23. The same report also shows that Sony sold 20.8 million PS5 units in that fiscal year, bringing the total to 59.3 million units sold since the console’s launch in late 2020.
These numbers have gaming pundits on Twitter, now called X, suggest that half of PlayStation gamers haven’t upgraded yet, indicating a slow transition towards the current-gen console. Also worth noting is that the PS5 is already in the second half (or four years) of its life cycle. The console also trails the PlayStation 4, which had already reached 60 million sold units within the same period.
Multiple factors have been suggested as to why the player base are sticking to their old consoles. For starters, gamers are said to have less purchasing power these days and need to prioritize necessary expenses over luxury purchases like gaming consoles. The fact that many games released on the PS5 are also available on PS4 is also a major reason why gamers hold off from upgrading.
Frugal players are also waiting for a price drop. And though there have been temporary deals before, the PlayStation has never had a permanent price cut. In fact, it even got more expensive in several markets.