Sony Interactive Entertainment has revealed that its games division has posted an operating income jump of 50% year-on-year, despite the fact that its new console, PS5, is still being sold at a loss.
The hardware manufacturer was able to achieve this thanks to highly profitable sales in its software and network services. The PS5 currently retails for $499/£449 for the Standard version of the console and $399/£349 for the Digital-Only Edition.
The PS5 is being sold at a loss, yet Sony's game segment increased its operating income 50% YoY.
The reason for this is its highly profitable software and network services sales.
This was a record quarter for network sales (PS+, Full Game Downloads, DLC / Add on Content). pic.twitter.com/SIKSyWpJ48
— Daniel Ahmad (@ZhugeEX) February 3, 2021
Sony launched the PS5 in the US and UK on November 12 and November 19, 2020, respectively. The console has remained incredibly difficult to get hold of since initial stock sold out, with retailers periodically getting fresh stock from time to time.
Looking ahead to the rest of year, the PS5 will be seeing a number of major games launching, including Horizon Forbidden West, God of War Ragnarok, Gran Turismo 7, and Ratchet and Clank Rift Apart.