Sony has released financial results for the first quarter of its fiscal year 2024. While first-party sales and PlayStation Plus stood out as particular areas of growth within its healthy gaming segment, hardware sales are in decline, four years into the PS5’s lifecycle.
The numbers
For the three months ended June 30, 2024:
- Sales:3.01 trillion yen ($20.5 billion), up 48% year-on-year
- Net income:¥235 billion (US$1.6 billion), an increase of 8.2% year-on-year
- Sales of games and network services:864 billion yen (5.89 billion dollars), an increase of 12% year-on-year
The interesting aspects
Software sales accounted for ¥486 billion (US$3.30 billion) in total G&NS segment revenue, a year-over-year growth of nearly 20%. As part of that, sales of additional content grew particularly compared to the same period last year, by 37%.
More than 53.6 million PS5 games were sold in the first quarter, 80% of them digital, compared to 56.5 million in the same period last year.
However, hardware sales revenue fell 21% to 146 billion yen ($990 million), and the PlayStation 5 sold 2.4 million units during the quarter compared to 3.3 million last year, a 27% decrease in units. Compared to the fourth quarter of fiscal year 23, which ended on March 31, 2024, PS5 sales fell 44% in revenue and 46% from the 4.5 million units sold at the time.
Meanwhile, PlayStation Network monthly active users were on the rise, reaching 116 million compared to 108 million last year, but on par with 118 million in Q4 FY23.
Looking ahead, Sony has adjusted its full-year outlook compared to the previous quarter and expects sales to reach ¥11.7 trillion (US$79.7 billion), up 3% from its previous forecast. This is due to continued strong performances in its gaming, music and entertainment segments.