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

(Bloomberg) -- 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.

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.