Sony’s financial report shows that the company experienced a surge in sales of its latest console, the PlayStation 5, during the financial year of 2022. The report revealed that Sony started the financial year with 2.4 million units of the PS5 sold worldwide in Q1, and by the end of Q2, it had sold 3.3 million units, bringing the total sold to date to 20 million.
Despite experiencing inventory and parts shortages, Sony’s PS5 sales hit a record-breaking 7.1 million units in Q3, more than double the sales of the previous quarter.
However, sales slowed down in Q4, with the company selling 6.3 million units, bringing the total number of PS5 units sold during the year to 19.1 million. This is almost as many units as Sony sold in the entire lifetime of the PS5 before this year.
The rapid growth of PS5 sales has contributed to Sony’s increased overall market share in the gaming industry.
According to Statista, Sony’s PlayStation market share has grown by 23.29% globally to 87.79%, while its closest competitor, Xbox, ended the year with a 12.15% share.
The pandemic created a shortage of high-end chips, which caused issues for Sony and other electronics manufacturers. In response, Sony ramped up the production of its previous console, the PS4, to deal with the PS5 chip shortage.
However, this move drove up prices and decreased sales, making it difficult for consumers to find a PS5. President Jim Ryan commented on the chip shortage during CES 2023, stating that overcoming it was a driving factor in the sharp rise in PS5 sales and growth.
Overall, the significant increase in PS5 sales has been a significant driver for Sony’s financial performance in the gaming industry. With the launch of new titles and further expansions into the global market, Sony is poised to continue dominating the industry and maintain its position as a leading player in the gaming world.
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