The launch of the PlayStation 5 has been an obvious success. The console sold out at launch and has remained largely unavailable since then. With the PS5 being out of stock, however, it’s been difficult to tell just how successful the console was. The latest NPD Group report has luckily provided some perspective on that matter. In a statistic showing total dollar sales over a console’s first four months, the PS5 is now the fastest-selling console in US history.
As impressive as that statement may be, that the PS5 is now the fastest-selling console in US history, it does require some context. Most importantly, it has to be reiterated that this is not a measurement of total consoles sold. This is a measurement of the value of those total consoles sold. In other words, if one adds the retail value of every console sold in the past four months, the PS5 has earned the most dollars.
The PS5’s record starts to make a lot more sense when its price is taken into consideration. The PS5 comes in two different models, the standard $499 model and the disc drive-less $399 model. The record was previously held by the Nintendo Switch, which has retailed at $299 since launch. As such, the PS5 is making one or two hundred dollars more per sale than the Switch. That difference in cost makes all of the difference.
With the price differences in mind, it’s simple to understand why the PS5 was able to beat the Nintendo Switch in this specific category. Even with the PS5 facing shortages due to limited components and shipping delays, the higher price of the console raised its overall revenue significantly. The Switch almost certainly sold more individual console units, but the PS5 is the winner in dollar sales.
To hammer home the idea that the PS5 is still heavily limited in supply, it may have broken a record this February but it didn’t win this month overall. According to the NPD report, the Switch sold more consoles this February than PlayStation or Xbox. Further, it’s the best February for a console since 2009 and the Nintendo Wii.
This February has been a great month for video games and consoles in general. The NPD reports that consumer spending has increased 35% compared to last year. February 2020 was notably the last month before the COVID-19 pandemic was declared, so numbers were expected to increase. Regardless, console manufacturers and game developers across the line have to be happy seeing the increased interest in video games continuing into 2021.
The PS5 is available now.
Source: NPD
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