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Ancient Chinese mythology has suddenly become a hot topic for gamers around the world. A blockbuster game based on Journey to the Westone of the four great classic novels of Chinese literature, is breaking records and providing an unexpected sales boost for Sony’s PlayStation 5.
Sony is increasing the price of its PlayStation 5 game console by about 19 percent to around $550 in Japan starting September 2. The company is also increasing the prices of accessories, including the wireless controller and wireless headset. In normal times, a price increase of this magnitude for the PS5 – given that it is almost four years old – would not have gone down well with gamers.
Typically, the life cycle of a gaming console is around five years. PS5 sales showed signs of slowing in fiscal 2023, with sales narrowly missing Sony’s target of 21 million units. This had been revised downward from an earlier forecast of 25 million units.
But Sony’s timing is working. Wages in Japan are rising, with the average base wage for local workers posting the fastest increase in more than three decades earlier this year. Elsewhere, the launch of new games, including shooting games, Helldivers 2 This year has sparked new demand for the PS5, making it the best-selling console in the US in July.
In China Black Myth: Wukongan action RPG with roots in Chinese mythology, could also change sales expectations for the PS5. The game’s sales reached 10 million copies within three days of its release last week, making it one of the fastest-selling games in history.
This has led to a surge in PS5 sales in China, with PS5 transaction volume more than doubling on e-commerce giant Alibaba’s shopping platform in the week leading up to the game’s release.
That’s an achievement considering China has historically been a relatively weak market for PlayStation sales. Mobile and PC games dominate the country’s gaming market, although only about 15 percent of Chinese gamers use consoles.
Sony shares rose on Wednesday, recording an 18 percent gain over the past year, reflecting growth expectations for the gaming business. China’s video game market is growing, with domestic sales rising 13 percent to $43 billion last year. The number of gamers in the country also rose to a record 668 million. That should give Sony plenty of room for growth in the world’s largest gaming market.
