PlayStation 5 (Photo Courtesy Of Sony)
Sony announced on Thursday that it will be raising the price of the PlayStation 5 due to economic pressure and inflation.
With the market still recovering from the pandemic, companies are still having to deal with huge disruptions in supply chains.
In some areas, the price could be increased by 20%.
Some feared that other companies, like Microsoft and Nintendo, would soon follow, but both companies said that they will be holding off for now.
“We are constantly evaluating our business to offer our fans great gaming options,” Microsoft wrote in a response to Kotaku. “Our Xbox Series S suggested retail price remains at $299 and the Xbox Series X is $499. This also applies to other markets and their current pricing.”
Microsoft has also historically focused on producing more affordable products such as the Xbox Series S.
Nintendo signaled earlier this month that it will not be weighing a price spike.
“Our competition is the variety of entertainment in the world,” Nintendo president Suntaro Furukawa told Nikkei Asia. “And we always think about pricing in terms of the value of the fun we offer … Nintendo has sold more than 100 million Switch units so far, and it’s important to maintain the momentum of our overall business.”
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