The PlayStation 5 may be getting a hardware refresh in 2024 according to analysts. Despite being one of the hottest consumer tech products since its launch in late 2020, sales of Sony's flagship gaming console have started to cool down. The Japanese tech giant recently slashed its PS5 sales forecast for the current fiscal year from 25 million units down to 21 million. On an earnings call last week, Sony executives warned investors to brace for a "gradual decline" in PlayStation 5 sales going forward. This has led many industry watchers to speculate that Sony will follow in its own footsteps by releasing an upgraded 'Pro' model, similar to what it did with the PS4 about three years after that system first hit shelves. “There seems to be a broad consensus in the gaming industry that Sony is indeed preparing the launch of a PS5 Pro in the second half of 2024,” Serkan Toto, CEO of Tokyo games consultancy Kantan Games, told CNBC. “And Sony will want to make sure to have a great piece of hardware ready when GTA VI hits in 2025, a launch that will be a shot in the arm for the entire gaming industry.” While Sony did release a refreshed PS5 model in 2023 along with the portable PlayStation Portal, analysts expect the PS5 Pro to be a much more substantial upgrade. The refreshed PS5 is identical in most ways to its predecessor but comes in a significantly smaller package. This year’s purported release could bring upgrades beyond a change in dimensions. Releasing a higher-end console refresh would align with Sony's past strategy and help reignite excitement and sales for the PS5 platform ahead of the next generation of games hitting the market. This type of mid-cycle hardware revision is a common tactic for console makers to keep interest high in aging systems. Meanwhile, Sony’s biggest rival in the gaming space, Microsoft, also announced in a podcast that it plans to unveil new hardware this year, although it didn’t delve into details about it.
