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Time of India
25-06-2025
- Business
- Time of India
Why is PlayStation facing lawsuits from thousands of Gamers?
(Image via Getty Images) Sony 's PlayStation is confronting a massive legal battle all across Europe. The class action lawsuit has accused Sony of some unfair practices that center on the dominance of digital game stores and the impact they have on consumer wallets. The core grievance here revolves around a perceived PlayStation's market control, leading to unexpected results that impact the gamers at last. Why is PlayStation being targeted by Gamers? The lawsuit, led by the Stichting Massaschade & Consument consumer group, targets Sony and its exclusive control over the digital game sales on the PlayStation consoles. It's been claimed by gamers that they are being forced to buy all the digital titles directly from the PlayStation digital store. It eliminates any competitive pricing from any third-party retailers. Quite critically, it's been alleged via a suit that Sony's monopoly allows it to set artificially higher prices. Economic research even suggests that digital games cost the Dutch consumers approx. 47% higher than identical physical discs. Such a significant price gap persists despite digital distribution being cheaper for Sony, thereby eliminating expenses like logistic and physical production costs. PlayStation lawsuits bring Sony's market dominance under scrutiny Central to the lawsuit is Sony's overwhelming market position in the Netherlands. It is estimated to own 80% of the console market. It's asserted by consumer group that such dominance allows Sony to operate without any meaningful competition. They even claim that Sony exploits its position, completely blocking all other potential app stores from having access to PlayStation consoles. The lack of alternatives, together with a push towards only digital consoles like PS5 Digital Edition, locks consumers into Sony's ecosystem. Gamers cannot buy cheaper physical games from any other retailers. The group has further stated that Sony makes pricing decisions, including the recent increases, without considering developers, competitors, or even consumer backlash. They do not have any fear of losing their customers. Such control is seen as stifling the fair market dynamics there. Stichting Massaschade & Consument seek damage and change BIG PlayStation Store LAWSUIT - OVERPRICED PSN Store Games? The lawsuit is not just about past grievances, but it demands some significant restitution. As per Stichting Massaschade & Consument estimates, the Dutch gamers have, since 2013, overpaid approx. €435 million ($505 million) due to such alleged practices. They are now seeking compensation for such purported damages that were suffered by approx. 1.7 million Dutch PlayStation owners. Beyond compensation for gamers, plaintiffs even seek some fundamental change. They want the court to force Sony to open the PlayStation platform for competing digital game sellers. It will introduce real competition. It will potentially lower prices and increase the consumer choice for making digital purchases on PlayStation consoles. The first hearing of this lawsuit against Sony monopoly, is anticipated for late 2025. Game On Season 1 continues with Mirabai Chanu's inspiring story. Watch Episode 2 here.
Yahoo
16-04-2025
- Business
- Yahoo
Sony hikes PlayStation 5 prices by 25% in UK, Europe and Australia
Sony said it will raise prices starting on Monday for some PlayStation 5 video game consoles in Europe, Australia and New Zealand, citing global economic turmoil. The company unveiled the price hikes of at least 10%, saying it was a 'tough decision' driven by the 'backdrop of a challenging economic environment, including high inflation and fluctuating exchange rates.' The recommended retail price for a PS5 Digital Edition will go up to €499 in Europe, according to a post on Sunday on the official PlayStation blog. That's up from €449 in a previously announced pricing update in 2022. In the United Kingdom, the new price will be £430 (€498.3), up from £389 (€450.7) previously while in Australia the price will increase to AUD 749(€415.7) from AUD 649 (€360.2). The price in New Zealand will rise to NZD 859 (€442.9). The PS5 Digital Edition is a slimmed-down version of the console that comes without a disc drive. Sony said the price in Europe and the UK for the standard PlayStation 5, which was released in 2020 and comes with a Blu-ray Disc drive, will remain unchanged, as will the price for the PS5 Pro version, which was released last year. US President Donald Trump's move earlier this month to impose tariffs on nations around the world has roiled global manufacturing supply chains. An announcement over the weekend of electronic imports like smartphones and laptops getting a temporary reprieve until the US government decides on a new tariff approach tailored to the semiconductor industry has further confused exporters. With the US market being the biggest one for video game consoles, a PlayStation 5 price increase in the US could have significant consequences for Sony's revenues. Referring to the US, Christopher Dring, editor-in-chief and co-founder of The Game Business, said, as reported by the BBC: "Rather than simply increase prices there, it's possible the likes of PlayStation could increase pricing globally in an effort to protect, as best they can, the US market." He added: "Ultimately, the era when game consoles went down in price over time is certainly over." Sony's price hike also comes as rival Nintendo recently revealed that its Switch 2 console launch would be delayed indefinitely, while the company assesses demand. Nintendo will also suspend US pre-orders for the Switch 2, in order to be able to monitor evolving market conditions and the impact of tariffs. The price increase comes as Nintendo's launch of its rival Switch 2 console was marred by the impact of US tariffs on markets worldwide. Sign in to access your portfolio
Miami Herald
14-04-2025
- Business
- Miami Herald
Sony increases price of beloved product amid tariff threat
Retailers across the country are making drastic decisions in order to prepare for the significant impact of President Donald Trump's tariffs. Tariffs are taxes companies pay to import goods from overseas, and the extra cost is often passed down to consumers through price hikes. Don't miss the move: Subscribe to TheStreet's free daily newsletter On April 2, Trump announced a 10% "baseline" tariff on all countries importing goods to the U.S., with roughly 60 countries seeing higher tariff rates, in an effort to wean the country off of its reliance on imported goods. Related: Sony makes a drastic move to sell a struggling product However, on April 9, Trump changed his mind and raised his previous 34% tariffs on China to 125%. He also paused reciprocal tariffs on all other countries for 90 days, dropping them to a universal rate of 10%. Large retailers such as Walmart, Target, and Amazon have reportedly responded to these tariffs by quietly negotiating with their suppliers to keep prices low. However, Sony (SNEJF) , which manufactures its products in multiple countries such as Japan, China, Mexico, and Thailand, has decided to take a different approach and hike the price of its beloved PlayStation 5 console in four major regions. Image source: Bloomberg/Getty Images In Europe, Sony increased the price of the PS5 Digital Edition from €449.99 to €499.99. In the U.K., the same product spiked from £389.99 to £429.99. PS5 prices in Australia and New Zealand also faced increases. In addition, the disc drive for the PS5 also climbed in price in all four regions. In a blog post announcing the changes, Sony said that it made the "tough decision" to increase these prices due to "a challenging economic environment, including high inflation and fluctuating exchange rates." Related: Nintendo makes a harsh decision amid threat of tariffs Sony's recent price increases for the PS5 in four different regions hint that the change may soon come to the U.S. The move from Sony comes after it revealed in its third-quarter earnings report for 2024 that the company's gaming sales increased by about 14% year-over-year during the quarter, contributing to a roughly 37% increase in operating profit for the segment. Sony's decision to hike PS5 prices also comes after Nintendo, one of its main competitors, made the drastic move earlier this month to delay pre-orders for its highly anticipated Nintendo Switch 2, which will be released in the U.S. on June 5 for $450. Nintendo's decision was a direct response to Trump's tariff announcement on April 2. "Pre-orders for Nintendo Switch 2 in the U.S. will not start April 9 in order to assess the potential impact of tariffs and evolving market conditions," said Nintendo in a statement. More Retail: AT&T quietly issues stern warning to customersSam's Club makes a big change to a beloved membership perkGameStop announces risky move amid store closures Nintendo of America President Doug Bowser later said in a recent interview with Wired that tariffs "weren't factored into the pricing" of the Switch 2, hinting that the company may have to increase the product's price. "It's something we're going to have to address," said Bowser. Many consumers across the country are already anxious about Trump's tariffs causing price increases and are planning to tighten their spending as a result. According to a recent Market Pulse survey from InMoment, 56% of the survey's respondents expect prices for goods and services to increase as a result of Trump's tariffs. In response to these expected price hikes, 60% of respondents said they will consider curtailing their shopping. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
14-04-2025
- Business
- Yahoo
PS5 Getting Another Price Increase In Some Countries
Over the weekend, Sony announced a price increase for the PlayStation 5 Digital Edition console in four different regions of the world, including Europe and Australia. It's yet another price hike on Sony's popular home console. On April 13, Sony announced via a blog post on its official website that the price of the all-digital PS5 was increasing in Europe, the United Kingdom, Australia, and New Zealand. A 'challenging economic environment, including high inflation and fluctuating exchange rates' was what Sony pinned the blame on for the price hike. Europe - PS5 Digital Edition – Now: €500 | Launch: €400 UK - PS5 Digital Edition – Now: £430 | Launch: £360 Australia - PS5 Digital Edition – Now: $750 | Launch: $600 New Zealand - PS5 Digital Edition – Now: $860 | Launch: $650 In Australia and New Zealand, Sony is also raising the price of the standard PS5 that comes with a UHD Blu-ray drive. Here's how those changes look: Australia - PS5 Standard Edition - Now: $830 | Launch: $750 New Zealand - PS5 Standard Edition- Now: $950 | Launch: $820 Yes, the PlayStation 5 in some parts of the world now costs over $100 more in local currency compared to when it first launched over four years ago. Usually, thanks to various factors, consoles get cheaper over time. But that hasn't been the case this console generation. Remember, in 2022 Sony announced price increases for many of the countries and regions listed above as well as Mexico, Canada, China, and Japan. Sony also raised the price of the PS5 slim digital version in the United States in 2023. And I wouldn't be shocked if Sony announces another price hike in the U.S. on PS5 consoles soon thanks to tariffs. There is some good news. The already expensive $700+ PS5 Pro isn't getting a price increase in any region. And Sony announced a slight price drop for the optional PS5 disc drive that can be attached to a digital-only model. The price drop is only in regions where the digital edition became more expensive. Looking at the $450 price of the Switch 2 and the way PS5 is getting price hikes years after launch has me really concerned about how much Sony might charge for a theoretical-but-definitely-happening-one-day PlayStation 6. $800? $900? Perhaps. You might want to start saving now. . For the latest news, Facebook, Twitter and Instagram.
Nahar Net
14-04-2025
- Business
- Nahar Net
Sony hikes PlayStation 5 console prices for Europe, UK and Australia
by Naharnet Newsdesk 14 April 2025, 15:21 Sony said it will raise prices starting Monday for some PlayStation 5 video game consoles in Europe, Australia and New Zealand, citing global economic turmoil. The company unveiled the price hikes of at least 10%, saying it was a "tough decision" amid the "backdrop of a challenging economic environment, including high inflation and fluctuating exchange rates." The recommended retail price for a PS5 Digital Edition will go up to 499 euros ($570) in Europe, according to a post Sunday on the official PlayStation blog. That's up from 449 euros in a previously announced pricing update in 2022. In the United Kingdom, the new price will be 430 pounds ($565), up from 389 pounds previously while in Australia the price will increase to 749 Australian dollars ($474) from $649. The price in New Zealand will rise to 859 New Zealand dollars ($504). The PS5 Digital Edition is a slimmed-down version of the console that comes without a disc drive. Sony said the price in Europe and the U.K. for the standard PlayStation 5, which was released in 2020 and comes with a Blu-ray Disc drive, will remain unchanged, as will the price for the PS5 Pro version, which was released last year. U.S. President Donald Trump's move earlier this month to impose tariffs on nations around the world has roiled global manufacturing supply chains. News on the weekend that imports of electronics like smartphones and laptops are getting a temporary reprieve until the administration figures out a new tariff approach specific to the semiconductor industry has added to the confusion for exporters.
