Sony May Release ‘Pro’ Edition of the PlayStation 5 This Year, According to Analysts

Analysts told CNBC that Sony will likely introduce an updated version of the PlayStation 5 this year, following the firm scaling back its sales projections for its leading console.

This new release will be designed to raise consumer interest in the PlayStation 5 by offering enhanced hardware in line with the release of Grand Theft Auto VI next year, which gamers have been anticipating for years, according to analysts.

It’s been more than three years since the launch of the PlayStation 5 in November 2020. However, last week, the Japanese gaming powerhouse revised its sales projections for the fiscal year ending in March, scaling down from an initial estimate of 25 million units to 21 million units.

Last week during an earnings call, a Sony executive said that the company is predicting a “gradual decline” in unit sales from the next fiscal year.

In the past when this happened with previous console cycles, gaming companies have tried to bring out updated editions of hardware to boost sales. Sony has done this with the PlayStation 4 by bringing out the “Pro” version around three years after the PS4 was released.

Now analysts expect the same with a PlayStation 5 Pro edition.

Speaking to CNBC, Serkan Toto, CEO of Tokyo-based games consultancy Kantan Games, said, “There seems to be a broad consensus in the game industry that Sony is indeed preparing a launch of a PS5 Pro in the second half of 2024.”

Toto added, “And Sony will want to make sure to have a great piece of hardware ready when GTA VI hits in 2025, a launch that will be a shot in the arm for the entire gaming industry.”

So far, Sony launched a slightly upgraded PS5 last year as well as a handheld console called the PlayStation Portal. But the PS5 Pro would likely be a much bigger upgrade.

Even though there is great anticipation for a new console, Sony is facing significant challenges, with profit margins for its key gaming business at the lowest it has been in almost a decade.  

On the earnings call, Sony management said the plan for its gaming business is to “optimize sales with a greater emphasis on the balance with profits.”

According to George Jijiashvili, senior principal analyst at Omdia, this suggests that even with the release of the PS5 Pro, Sony might not bring down the price of the existing PS5, as this has been the pattern in the past.

Jijiashvili said, “Therefore, a scenario where Sony launches a PS5 Pro, but still experiences declining year-on-year hardware sales is very much within the realms of possibility.”