• News

  • TV & Film

  • PlayStation

  • Xbox

  • Nintendo

  • PC

  • Reviews

  • News

  • TV & Film

  • PlayStation

  • Xbox

  • Nintendo

  • PC

  • Reviews

  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • UNILAD
  • SPORTbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Snapchat
TikTok
YouTube
Threads
Submit Your Content
PlayStation Reports Overall Profits Are Down 37 Percent In Q1

Home> News

Updated 14:11 29 Jul 2022 GMT+1Published 14:04 29 Jul 2022 GMT+1

PlayStation Reports Overall Profits Are Down 37 Percent In Q1

It hasn't been a profitable first quarter for Sony's gaming brand.

Ben Huxley

Ben Huxley

On the surface, things seem to be going pretty well for Sony's PlayStation 5. Lifetime PlayStation 5 shipments reached 21.7 million units during Sony’s most recent quarter. That's up 0.1 million compared to this time last year, and up 0.4 million compared to the the last quarter this year (ending March 31, 2022).

And yet, the same report that gave us this news also revealed that overall profits have decreased. This is due, mostly, to software sales.

Check out Sony's new Backbone One, the official controller for remote play for iphones.

We're currently in the middle of financial report season, with Microsoft announcing on the 27th of July that Xbox content and services revenue increased 2%. Sony, however, don't appear to be doing so well, as noted in a post from the company's Game & Network Services division. In the post, they reported that, despite the increase in shipments of consoles mentioned above, overall profits are down 37%.

According VGC, digital software sales account for 79% of PlayStation's profit. This decline was apparently expected, due to a decrease in sales of first and third-party titles, as well as a fall in DLC sales for third-party games. So while hardware sales have increased, software sales have dropped 26%.

Advert

The Verge reports that Sony blames this slump on a lack of PlayStation exclusive titles, but they predicted that "new game releases should also help the software sales side, with the highly anticipated God of War Ragnarök set to launch on November 9th and The Last of Us Part I remake on September 2nd."

Sony's new three-tiered PlayStation Plus membership system was introduced last month, but it's unlikely we'll be seeing the full results of that until the next quarterly report. It's possible that a lack of interest in gaming, as lockdown restrictions loosen, might also be a contributing factor.

Featured Image Credit: Santa Monica Studio, Naughty Dog

Topics: PlayStation, PlayStation 5, Playstation Plus

Advert

Advert

Advert

Choose your content:

2 hours ago
3 hours ago
4 hours ago
  • 2 hours ago

    Xbox adds 5 new free downloads, no Game Pass required

    Play these Xbox games for free!

    News
  • 3 hours ago

    Cyberpunk 2077 meets Fallout in new open-world RPG

    Based on a very familiar IP

    News
  • 4 hours ago

    Fallout 5 tease suggests it's closer than we dared hope

    Here we go again

    News
  • 4 hours ago

    Starfield collides with Valheim in huge new survival RPG

    Open-world first-person crafting and... tower defence?

    News
  • PlayStation drops 3 free games you can download now in anniversary celebration
  • PlayStation 6 release year ‘locked in’, and fans are torn
  • PlayStation Plus users praise 'best' free game drop in service's history
  • PlayStation gamers warned they've last chance to grab 14 free games