Sony announced through its CFO that the PS5 is still in high demand despite the high prices. These results were in line with what was previously expected by analysts.

We thought the company might lose some of its fan base to competitors after the announcement of the PS5 price increase globally. But the latest financial reports indicate that there is still a lot of demand. But it won't stay that way for long, or as Sony itself has said.

Many have expressed frustration at what appears to be a calculated move to increase the price of the console in areas where the company already dominates the market. On the other hand, Sony has chosen not to do the same in the US, where it faces competition from Microsoft and the Xbox Series.

As reported by TweakTown, the company's CFO Hiroki Totoki said in its Q2 2022 earnings call:

So far, due to the price increase, we have not seen any drop in demand. But we have to watch what happens in the market in the future.

Interestingly, Phil Spencer raised the PlayStation 5 prices at the time saying he didn't think it was the right time to raise prices given the economic pressures. However, he has since made comments suggesting his company is toying with the idea of raising the Xbox Series prices.

In news yesterday, Microsoft has raised the prices of its devices in India for the third time in a row this year, and this could mean that it is preparing to increase prices globally as well. What do our followers think about Sony's sales performance even after the price hike?