A report from Bloomberg this morning has revealed some new information about the PS5 and Sony’s launch plans for the console. According to the report, Sony will be lowering production output on the PlayStation 5 due to the price tag and scarce components. However, industry insiders claim Sony is confident that the PS5 will launch by the end of 2020.

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With that being said, Sony claims to be producing less PS5 consoles than originally planned. The console giant will be limiting initial production of the console run due to the ambitious specs leading to a high price tag at launch. The global COVID-19 pandemic has affected Sony’s promotional plans for the console but not the production.

According to the report, the company has instructed assembly partners to produce 5 to 6 million units of the PS5 for the fiscal year ending March 2021. Sony produced 7.5 million PS4 consoles at launch and sold them all in the first two quarters.  

The PS5 is still on track for its 2020 release date

As for the price tag, developers who are currently working on PS5 games anticipate the next PlayStation 5 console to be priced in the region of $499 to $549. The console may retail for the higher price tag due to the scarce flash storage components which Sony has been struggling to get hold of. However, there are rumours that Sony may price the PS5 at $499 and make a loss on it.

Lastly, the report claims that Sony may cut the price tag of the PS4 and PS4 Pro at the launch of the PS5 to stimulate new gamers towards the platform. Sony will also focus on its subscription services including PlayStation Plus and PlayStation Now as an aim to increase recurring revenue rather than one-time hardware purchases.

As for the COVID-19 pandemic, it has greatly affected Sony’s promotional plans for the console. According to people close to the company, Sony had to reveal the DualSense PS5 controller in a hurried fashion due to the impact the pandemic has had on their reveal plans.

So in short, the PS5 is still on track for its 2020 release date. The console’s price tag has not been set but it could be anything between $499 and $549. Sony is producing fewer consoles due to the high price tag but will increase production soon after.

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