PS5 sales couldn't reach Sony's revised targets, and Sony expects sales to drop even more

Things aren’t looking especially good for PlayStation at the moment. Though Sony doesn’t appear to be suffering quite like its major competitor Microsoft, the company’s PlayStation business simply isn’t doing as well as it used to.

PlayStation 5 hardware sales in the financial year that just ended have missed projections, even after Sony lowered its expectations by a couple of million. The sales dip represents a whopping 29% year-over-year slump in Q4. Recent months clearly haven't been kind to PlayStation.

Sony revealed this morning, as part of its full year FY2023 report [PDF], that PS5 sales have taken a big hit, and will continue on a downward trend.

Over the course the fiscal year ending March 31, Sony sold 20.8 million PS5 consoles, which failed to meet its revised 21 million target. In fiscal year 2024 (ending March 2025), Sony expects to sell even fewer units, projecting just 18 million.

Cumulative PS5 sales stand at a very respectable 59.2 million, so it’s not like the console is struggling, but the drop is perceptible, especially after the company lowered its projections in anticipation, only to narrowly miss them.

In February, Sony cut 900 jobs, and closed down its London Studio. The cuts were likely made to lessen the effects of the drop in sales and profitability, and they’ll forever be remembered as the final act of former Sony Interactive Entertainment president & CEO, Jim Ryan.

Sony did not touch on its hardware plans for the new fiscal year in the report, but PS5 Pro rumours and leaks have been relentless. The upgraded console is expected to arrive this fall, so we’re closer than ever to a proper reveal.