Sony PSVR 2 needs price cut to avoid "complete disaster" says analyst

Little over a month after launch, a new report suggests that Sony's PSVR 2 headset is headed for a price cut to help combat lacklustre early sales.

Speaking to Bloomberg, global market intelligence firm IDC estimates that Sony will have shipped approximately 270,000 units by the end of March. It was previously claimed by the same outlet that Sony was originally aiming for close to two million units shipped in its first quarter of being on sale, before then reducing those projections by half to one million. This new figure suggests that the target will not be met. 

"I suspect a price cut on the PSVR 2 will be needed to avoid a complete disaster of their new product," said IDC president of data and analytics Francisco Geronimo. He later added: "Consumers around the world are facing rising costs of living, rising interest rates and increasing layoffs. VR headsets are not top of mind for most consumers under the current economic climate". 

T3 has reached out to Sony for comment. 

PSVR 2 was released globally on February 22nd at a price point of £529.99 / $549.99 / AU$879.95. While no games were included in the standard package, 37 titles launched on the day  – including its flagship game, Horizon: Call of the Mountain, which did receive its own bundle. Its price of entry is higher than the cost of a PS5 console at $499.99 / £479.99 / $749.99 and is needed to run the VR headset, however, many of its competitors require a high-end PC to fulfil the same job.  

Sony previously responded to Bloomberg's report regarding PSVR 2 productions numbers (via GamesIndustry.biz) saying that it had "not cut" its outlook and was "seeing enthusiasm from PlayStation fans". Sony has yet to comment on the latest Bloomberg report.

The original PSVR launched in October 2016 and surpassed more than five million sales in its first three years. Earlier this month, VGC reported that at the Morgan Stanley tech conference, Sony chief financial officer Hiroki Totoki shared his belief that PSVR 2 has a "good chance" of surpassing sales of the first headset.

T3 tech editor Mike Lowe was full of praise for the unit in his PSVR 2 review: "Sony has crafted a mighty impressive virtual reality kit for the PS5 that's entirely comfortable and has the scope to deliver truly immersive, impressively detailed games". That said, he did lament the headset's price meaning it wouldn't be for everyone.