Sony to Sell PlayStation 5 at $500 in Holiday Showdown With Xbox
The PlayStation 5 has a digital exclusive variant as well. (Photo: PlayStation/YouTube)

Sony to Sell PlayStation 5 at $500 in Holiday Showdown With Xbox

Sony Corp. said the latest version of its gaming console, the highly anticipated PlayStation 5, will go on sale Nov. 12 in the U.S. for $500, matching the price on Microsoft Corp.’s upcoming Xbox Series X as the two companies prepare to battle for market share this holiday season.

Sony will also release a digital edition of the PS5 for $400, the Tokyo-based company said at a virtual event Wednesday. That version doesn’t have a disc drive and requires customers to purchase and download games digitally.

Sony to Sell PlayStation 5 at $500 in Holiday Showdown With Xbox

Price tends to be a significant factor in the success of a video game console. Historically, the less-expensive systems sell more units, driving an increase in revenue from games.

Console games have been priced at $60 since the early 2000s, but that appears to be changing. Take-Two Interactive Software Inc. had previously announced that the next entry in its NBA 2K series would retail for $70 on Xbox Series X and PS5. In a blog post on Wednesday, Sony said that the PS5 games it develops and publishes will sell for between $50 and $70. The PS5 games Demon’s Souls and Destruction All Stars, which will launch alongside the console, will both cost $70.

Sony also announced that Final Fantasy XVI, the next entry in the popular role-playing game series, will be a console exclusive for PlayStation, a significant coup for the Japanese publisher. The previous game, Final Fantasy XV, was released for PlayStation and Xbox.

Other games showcased for PlayStation 5 included Hogwarts Legacy, an open-world role-playing game based on the Harry Potter franchise, and Spider-Man: Miles Morales, which will be released this fall alongside the console for $50. A package including Miles Morales and a remastered version of the PlayStation 4’s Spider-Man will cost $70. Sony also teased a sequel to the PlayStation 4’s God of War to be released in 2021.

©2020 Bloomberg L.P.

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