Publishers Consider Increasing Game Prices for Next-Gen
The price of the game may no longer be $60 for the PlayStation 5 and Xbox Series X.
With the announcement of the PlayStation 5 and Xbox Series X as new consoles. Indirectly, video game development costs are getting higher along with technological sophistication. It’s no wonder that developers and publishers NBA 2K21 will increase the price for the next gen console series to $69.99, a $10 increase from the usual $59.99 price for AAA games.
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The new price is likely to be followed by a number of publishers when the latest consoles from Sony and Microsoft are released. At least that’s what IDG Consulting, a video game industry forecasting and data analytics company says.
Although it is not yet clear how much the price increase will be, IDG Consulting’s President and CEO, Yoshio Osaki told GamesIndustry that the price of video games for the next gen is likely to increase. At least several publishers who are collaborating with IDG are currently considering it for several franchises.
Osaki explained that this price increase was triggered by the price of video games which had remained stagnant at $59.99 since 2005, the era of Xbox360 and PlayStation 3. Meanwhile, the cost of developing video games has increased from 200% to 300% depending on IP, studio, and game genre , but the price of the game is still stagnant at $59.99.
On the other hand, the price of other entertainment has increased a few percent from the usual price. Movie tickets, for example, increased by 39%, Netflix subscription fees increased by 100%, and cable TV costs increased by 105%.
By increasing the cost of the game to $69.99, it only increases the price of the game to 17% only. Much cheaper than some of the other entertainments mentioned above. “The increase in costs from $59.99 to $69.99 will not cover the costs they have incurred which have also increased, but the increase is going in the right direction,” he added.
Osaki continued that not all games have to increase the price to $69.99 for the PlayStation 5 and Xbox Series X. But AAA games are in the same class NBA 2K21 benefited greatly from the increase in prices. What do you think?
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