Sony Aims to Counter Decline with Enhanced PlayStation Plus and Increased PS5 Supply

Sony is pinning its hopes on the revamped PlayStation Plus subscription service and a boost in PS5 console supply to offset a decline in player engagement this year. During its latest earnings call, Sony's CFO Hiroki Totoki stated that total gameplay time among PlayStation users had dropped by 15% year-over-year in the three months ending June 30, 2022. June saw a slight uptick of 3% over May, but was still 10% down compared to June 2021. This decline was attributed to the deceleration of the overall game market as COVID-19 cases subsided in key markets, allowing users to spend more time outdoors. To counter this, Sony plans to increase PS5 supply and promote the new PlayStation Plus services. Despite the recent expansion of the subscription service, which now offers a multi-tiered system with additional benefits like game trials, the number of PlayStation Plus subscribers has only increased by 2% to 47.3 million. However, Sony is optimistic that the release of major titles, including God of War: Ragnarok, and increased marketing efforts will drive engagement in the second half of the year. The company is maintaining its forecast of selling 18 million PS5 units by March 31, 2023, but is working to bring forward more supply during the holiday season.