Sony was just hit with the largest PlayStation Plus subscriber loss across the PS4 and PS5 generation, but its Network Services revenues are are stable.
PlayStation's major metrics are have slid downward throughout Q2 as pandemic highs start to ease. PlayStation's total monthly active users are down to 102 million, the lowest Q2 since 2019, microtransaction revenues are down 20% to $1.36 billion, total revenues dropped by 11% to $5.2 billion, operating income slide 59% to $304 million, and overall game unit sales and total video game revenues were down 18% and 14% respectively.
On the subscription front, Sony lost 1.9 million PlayStation Plus subscribers throughout July - September 2022. This is the largest loss in many years, but data shows that spending is still high among the current subscribers.
Network services revenues remain stable when converted to USD, maintaining strong earnings of $847 million (up nearly 3%, or $24 million quarter-over-quarter) even as subscribers slip by almost 2 million. These earnings are up to record Q2 levels in yen, which indicates that Sony is successfully converting existing PS Plus subscribers over to the more expensive Extra and Premium subscription tiers while also attracting new sign-ups.
Ideally, Sony would like to grow the PlayStation Plus subscriber count while also moving users over to the more expensive tiers, but like any service, there will be churn as consumers let subscriptions lapse and move on to other content.
- PlayStation Plus loses 1.9 million subscribers, 55% of players don't subscribe
- Despite massive PlayStation Plus loss, Sony's network services are stable
- PlayStation's microtransaction revenues drop to lowest point since 2019
- PlayStation Q2 earnings: Operating income down 59%, revenue drops $647 million
- PlayStation monthly active users (MAUs) fall to lowest point in 3 years