Sony’s shares increase following PlayStation Plus price hike

Sony Group’s shares have risen after the company announced plans to increase PlayStation Plus prices.

On Wednesday, Sony Interactive Entertainment said it will raise PlayStation Plus subscription prices by up to 35% beginning on September 6.

The price of 12-month subscriptions for the service’s Essential, Extra and Premium plans will rise by at least 33% for each tier in the US, by at least 20% for each tier in Europe, and by at least 19% for each tier in the UK.

A PlayStation Plus subscription is required for online multiplayer gaming on Sony’s consoles.

According to Bloomberg, Sony’s shares gained as much as 3.4% in Tokyo on Friday—the most in more than a month—following the announcement.

CLSA analyst Amit Garg said the “steep” increases could see Sony reap an additional $688 million of sales and $378 million of operating profit annually, and could be a sign of more regular price hikes to come.

“This price adjustment will enable us to continue bringing high-quality games and value-added benefits to your PlayStation Plus subscription service,” PlayStation’s director of content acquisition and operations, Adam Michel, claimed on Wednesday. However, there was no word on any additional value the company would be offering subscribers.

Sony is currently testing cloud streaming for PS5 games, a feature which will be available to PlayStation Plus Premium subscribers when it launches.

The company also announced September PlayStation Plus Essential games on Wednesday. They are Saints Row (PS5, PS4), Black Desert – Traveler Edition (PS4) and Generation Zero (PS4).

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Microsoft increased Xbox Game Pass prices in July. The monthly price of a Game Pass console subscription rose from $9.99 to $10.99 (£7.99 to £8.99 / €9.99 to €10.99), while the Xbox Game Pass Ultimate price increased from $14.99 per month to $16.99 (£10.99 to £12.99 / €12.99 to €14.99).

PC Game Pass pricing didn’t change, remaining at $9.99 / £7.99 per month.