Gaming

Sony expects PlayStation 5 shortages could continue till 2022

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After the results ended, the company in a briefing told analysts as reported by Bloomberg, that it is having difficulties keeping up with strong demand for its latest console.

Sony Group has warned a group of analysts that its popular PlayStation 5 game console will remain in short supply through 2022. This will constraint the company's ability to boost sales targets for its latest games console. Also Read - Samsung and LG confirm presence at in-person CES 2022

Sony Group Corp during its results call in late April, announced that it had sold 7.8 million units of the PlayStation 5 through March 31, and it aims to sell a minimum of 14.8 million in the current fiscal year. These numbers will help the company continue the momentum to reach PlayStation 4 sales figures, which to date have crossed 115.9 million units. Also Read - E3 2021: What is it, entire schedule, how to watch livestream for free, what to expect

After the results ended, the company in a briefing told analysts as reported by Bloomberg, that it is having difficulties keeping up with strong demand for its latest console. This is in part due to the component shortages and secondly due to excessive demand. No official estimate has been provided by the firm as to when the supply will normalise. However, it does expect these shortages to extend to next year. Also Read - New Tesla Model S Plaid can play Cyberpunk 2077 as good as PS5, shows Elon Musk

"I don't think demand is calming down this year and even if we secure a lot more devices and produce many more units of the PlayStation 5 next year, our supply wouldn't be able to catch up with demand," said Chief Financial Officer Hiroki Totoki during the briefing, according to the Bloomberg report citing several unamed people who attended the briefing.

Totoki during the breifing also told analysts that the company needs to ramp up production as soon as possible to ensure that their consoles are available on store shelves. He states that the demand will continue to remain high regardless of the Covid-19 situation, he stated that the company is fully capable to capitalize on the stay-at-home entertainment surge triggered by lockdowns and emergency orders.

The company's latest earnings report suggests that stay-at-home demand is levelling off. Monthly active users on PlayStation Network fell to 109 million at the end of the January-March period from 114 million a quarter earlier. Sales of games has also declined.

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Published:Mon, May 10, 2021 5:11pm | Updated:Mon, May 10, 2021 5:18pm

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