Sony to increase prices of its PlayStation 5 consoles by around $50 from Thursday, as the Japanese conglomerate navigates a slow recovery in the videogame market while U.S. tariffs threaten to raise costs.
All three PlayStation 5 consoles will see a similar price hike in the United States, with the most expensive PS5 Pro version expected to cost $749.99, the company said in a blog post on Wednesday.
The price changes come after U.S. President Donald Trump announced sweeping tariffs on imports from global manufacturing hubs such as China and Japan, leading to fears of supply chain disruptions and high material costs.
Sony had raised prices of its consoles in various European markets in April. Rival Xbox also hiked sticker prices of its consoles and accessories in the U.S., Europe, Australia and the UK a month later.
Consoles were expected to be a major driver of videogame market growth this year due to the launch of premium titles such as Take-Two Interactive’s (TTWO.O), opens new tab “Grand Theft Auto VI” and Nintendo’s (7974.T), opens new tab Switch 2.
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But console price hikes and the delay of highly-anticipated “GTA VI” to next year have cast some doubt on the pace of growth in the industry.
On Wednesday, Sony said there are no price changes for other markets and prices of PlayStation 5 accessories remain unchanged.
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