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Sony Tipping Record Sales For New PS5 Despite Component Shortages

As stock trickles into stores, Sony is looking to smash records producing “at least” 22.6 million PlayStation 5s consoles.

Jim Ryan, president and CEO of Sony Interactive Entertainment, the group’s gaming unit, claimed this week that SIE will “make sure FY2022 will be the highest year” for console sales.

Sony’s best year for console sales was fiscal 1998, when it sold 22.6 million consoles of the original PlayStation. PS2, Sony’s bestselling console of all time at over 155 million units, logged an annual sales peak of 22 million units in fiscal 2002.

Ryan’s predictions come despite a major shortage of components that is crippling brands such as Microsoft with their Xbox and PC manufacturers.

In April Sony announced plans to sell over 14.8 million units of its next-generation PS5 console for the year through March 2022, a target that exceeds second-year shipments of the successful PS4 however this target could face problems due to shortages.

As a result, PS5 consoles are now selling in some cases at double the recommended retail price.

Ryan also said the PS5 is close to becoming profitable and that production of the standard hardware version is expected to enter the break-even point next month. Sony also has a digital version of the PS5.

He stressed that various factors would drive growth for the PS5 and its overall gaming business going forward. The factors include cutting-edge technologies like virtual reality and cloud-based gaming, as well as the PS5’s China release.

The PS5 landed in China earlier this month, and Ryan said, “market reception has been absolutely extraordinary.”

In further bids to expand its customer base, Sony will accelerate its exclusive content efforts in regard to the PlayStation and monetize its intellectual property by investing more in its powerhouse studios and partnerships.

The company plans to publish more games that can be played on PCs and extend its iconic PlayStation content to mobile games. Ryan said that using its intellectual property in Sony movies and TV shows will lead to “meaningful contributions to Sony’s overall results.”

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