Sony reports 27% percent drop in PlayStation 5 sales and a boost in game and music related profits 

Sony Group Corporation published their consolidated financial results for the first quarter of the fiscal year on August 7. The report covers the period from April 1 to June 30, 2024. 

According to GameBiz, Sony saw a 1.6% increase in total net sales and a 6.5% increase in net profit compared to Q1 of the previous year. Apparently, the company’s financial services sector went through a significant decline in performance, but its video game and network services sector recorded growth. 

Sales of the PlayStation 5 decreased during this financial period, dropping by 27.3% to 2.4 million units (as opposed to last year’s 3.3 million units). However, Sony saw an increase in sales related to network services (particularly PlayStation Plus) and software developer in-house. The video game and network services sector’s net sales went up by 12% to 864.9 billion yen, and operating profit rose by 32.5% to 65.2 billion yen. As of August 7, the PlayStation 5 has sold over 61.7 million units. 

Due to the strong performance of their video game, network services and music sectors, Sony has issued an optimistic revision of their financial forecast for the fiscal year ending March 31, 2025. Based on the revision, the company expects net sales to go up by an additional 2%, totaling 12.51 trillion yen, and net profit to rise by 6% to 980 billion yen.