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PlayStation is dominating Xbox in the console market wars, according to the most current figures available.
The PS5 is shipping at nearly five times the rate of the Xbox Series X|S, according to Daniel Ahmad, Director of Research & Insights at Niko Partners, exploring both company’s 2023-2024 reports.
In Q4 2023, Sony reported shipping 4.5 million PS5 units, putting the Xbox Series X|S shipments at around 900,000 units based on Ahmad’s estimate.
Sony’s FY 2023 earnings report reveals that by December 9, 2023, 50 million PS5 units were sold.
Ahmad further noted that by March 31, 2024, PS5 sales reached 59.2 million units.
Despite these impressive figures, the PS5 still trails slightly behind the PS4, which sold 60 million units within the same time frame. According to Ahmad, Sony does not anticipate the PS5 surpassing the PS4’s sales numbers in the coming year.
5. The PlayStation 5 shipped 4.5 million units in the last quarter. According to our estimates, this is almost 5x more than the Xbox Series X|S shipped in the same period.
(This is a bonus one for the console warriors + my rent is due)
— Daniel Ahmad (@ZhugeEX) May 14, 2024
Sony’s Strategy
Ahmad pointed out that Sony’s strategy has shifted significantly towards increasing the Average Revenue Per User (ARPU) for console users.
This is clear in Sony’s efforts to improve its subscription services, in-game purchases, and digital content, which we saw during Sony’s 2024’s State of Play live event.
In fact, in FY23, Sony reported revenues of approx. $5.5 billion (+29% compared with FY22) from digital software and approx. $6.9 billion (+26%) from add-on content, showing Sony’s commitment to maximizing ARPU.
Furthermore, Sony is adopting a “beyond console” strategy, which includes expanding its game portfolio to PC platforms and other devices. As a result, sales of first-party titles on platforms other than PlayStation consoles (called “Other Software”) reached about $672 million (+56% compared to FY22).
Of particular note was the success of Helldivers 2, which as Admad noted, drove huge sales across PC, shipping more than 54,000 units in Q3 alone.
Here are some interesting takeaways from Sony's FY 23/24 earnings 🧵
1. Helldivers 2 has become Sony's fastest selling title ever, having sold 12 million units in 12 weeks, surpassing the record set by God of War Ragnarök.
PC was a large part of the success, as evidenced below. pic.twitter.com/Hj8uOX67go
— Daniel Ahmad (@ZhugeEX) May 14, 2024
The Bottom Line
Sony’s PlayStation 5 has greatly outperformed the Xbox Series X|S in Q4 2023, with strong shipping figures.
Even though it is slightly behind the PS4 in total sales, the PS5’s performance and Sony’s focus on increasing ARPU through digital content and services suggest a bright future.
Sony’s “beyond console” strategy, which includes expanding to PC platforms and other devices, helps diversify its revenue, giving the company more avenues in a severely competitive market.
