Why is no one buying a PS5

Key Takeaways

• PS5 sales are declining due to the mid-generation crisis, with demand declining after 4 years.
• Waiting for the rumored PS5 Pro or a price cut could bring back a drop in sales.
• The high cost and lack of exclusive games contribute to the slower sales of the PS5 compared to the PS4.

With the latest financial report for the fiscal year from Sony, we now have a clear look at where the PS5 hardware stands. Most notably, the system has now sold 61.7 million units worldwide, with 2.4 million sold in the first quarter of 2024. While that sounds impressive, the PS5 sold 4.5 million units last quarter, which is a surprising drop. turned off. Sony itself expected sales of around 3 million this quarter, which fell by more than half a million. Now, Sony has admitted that it needs to adjust its forecast for future sales.

The beginning of this generation was difficult for all consoles for many reasons, but the PS5 struggled the most because it was in high demand. Despite all the odds, it managed to surpass the sales of PS4 in the same period until this quarter, when it ended smoothly. The PS5 has been the best-selling console for months, and software and service revenue has never been higher, but it’s clear that the console itself isn’t selling as well as Sony had hoped. There are several possible reasons why, and thankfully, PlayStation seems to have the answers for all of them.

The problem of the middle generation

Four years is part of a console-year decade

The biggest reason for slow sales is the simplest: the PlayStation 5 has been out for four years. Now that supply has caught up with demand, most people who wanted a PS5 have found it. Console generations are pretty much stable on an 8-year cycle, which means we’re probably in the middle of it, which is an unpleasant place to be. Anyone who hasn’t invested in a PS5 is wondering if it’s worth it as they can get four or more years out of it before the next generation comes out.

The solution to this middle generation decline can be one of two things or a combination of both. The first is a price cut, which PlayStation hasn’t done until now, and/or mid-generation upgrades like the PS4 Pro for those who don’t want to buy an old piece of technology that may become obsolete.

Waiting for Pro

Don’t want to get burned

The reason PlayStation didn’t officially reveal the PS5 Pro is that they wanted to wait until the last minute. The more people know that the Pro is coming, the less people will go out and buy the current PS5 when they can wait. Yes, PlayStation wants to sell the Pro, but it can’t hold back sales of the current model for long.

While the Pro isn’t official, enough leaks and rumors have spread that anyone following the industry knows it’s coming soon. It may not have a huge impact on sales by itself, but I would say it does.

No sales

Full price, forever

There is no sugarcoating the fact that the PS5 is expensive. It was expensive at the time of its introduction and is even more expensive in some parts of the world today. Four years in any other generation would have seen the base price of consoles drop anywhere from $50 to $100, but the PS5’s high price tag hasn’t dropped at all with very rare exceptions. The best you can hope for is some kind of bundle that comes with the game or controller.

Buying a console at full price is a huge luxury that many people and families cannot afford. Sales are where most people can finally justify splurging on some technology they’re passionate about, but that hasn’t happened with the PS5. A lot of sales are left on the table because the current price is out of reach for most people who would take it.

PS4 support

Little reason to upgrade

The PS5 library is amazing. I don’t think anyone can argue with that, but if you look at the fine print, there are very few games that are only available on PS5 and not available on PS4. Sure, they look and perform terribly, but most people don’t care that much about graphics or frame rates as long as they can play the games they want. God of War: Ragnarok, Horizon Forbidden West, and Elden Ring are some of the biggest games of the generation, but they are all playable on PS4. Without a strong list of must-play games to convince people to switch, plenty will be perfectly content sticking to the PS4.

This is becoming more and more of an issue as few games can support last generation systems, but the real kicker will be GTA 6. That game alone will be enough to convince any holdouts that it’s time to upgrade to the PS5.