This comes from a new Bloomberg report, citing unnamed sources and bringing in experts to comment on the details.
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Bloomberg's report also says that Sony has reduced its production estimate for the PS5 down from 15 million units to 11 million units. This is due to "production issues with its custom-designed system-on-chip for the new console," according to Bloomberg's unnamed sources. Apparently at one point during production, just 50% of components produced were actually good enough to be used, although this number has since been climbing.
However, shortly after the Bloomberg report was published, Sony reached out to Gamesindustry.biz with a statement that claims that the information the outlet published is incorrect.
“While we do not release details related to manufacturing, the information provided by Bloomberg is false," wrote Sony in a statement.
A drop in production would be for the Xbox Series X and Xbox Series S. Although Sony and Microsoft's consoles share common features, including the same RDNA 2 graphics technology, there's been no word of Microsoft having trouble with production. The result could be console gamers looking to upgrade, finding there are no PS5 consoles available, and buying a next-gen Xbox instead.
In more positive news, Bloomberg Intelligence analyst Masahiro Wakasugi claims that Sony could push the PS5's price as low as $449 (and less than $400 for the Digital Edition) to combat the $499 price of the Xbox Series X. That's still more expensive than the $300 Series S, but the PS5 Digital Edition will have equal performance chops to the standard PS5. The Xbox Series S is a lower-spec system that still offers fast loading and ray tracing but is limited to 1440p output.
Games consoles are typically sold at a loss, with the only notable exception in recent memory being the Nintendo Wii. That's because it helps encourage users to buy the console, while manufacturers make their money back by selling games. So Sony can likely afford to be very flexible with its pricing, particularly now that we know Xbox's dual-pronged strategy.
A report based on listings at a Spanish retailer claims that the PS5 would cost 499 euros for the standard version, and 399 euros for the digital edition. These are similar figures to Wakasugi's, so perhaps there's more to this rumor than just an expert opinion.
Today (Sept. 16) is the day of Sony's big PS5 Showcase we'll hopefully see the price and availability of the new console announced alongside new game reveals. Once we have those, it'll not be long until the new PlayStation and the new Xbox battle it out this November.