Analyst: PlayStation VR2 may need a price cut to stay competitive

The PlayStation VR2's launch month has reportedly not gone to plan, and an analyst suggests a lower retail price may be in Sony's best interests.

The PlayStation VR2 is only a month old, but a price cut may be in its near future. According to a new Bloomberg report, Sony's virtual reality headset may need a serious discount in order to bring up its sales numbers. 

Per that report, the PSVR2 has sold an estimated 270,000 units since its release on February 22. Francisco Jeronimo (VP of data and analytics for IDC) suggested to Bloomberg that a price cut would be in Sony's best interest, as "VR headsets are not top of mind for most consumers under the current economic climate."

"Consumers around the world are facing rising costs of living, rising interest rates, and rising layoffs," he continued. "I suspect a price cut on the PSVR2 will be needed to avoid a complete disaster of their new product."

For reference, the original PlayStation VR hit nearly 1 million units within its first four months of release, which Sony had no trouble bragging about at the time. 

Currently, the PSVR2 costs $549, more than the PlayStation 5 needed to play it. While Sony's been marketing the device and talking about its improvements over the original PSVR, the price point and a lack of backwards compatibility with PSVR1 games are noticeable sticking points.

In October, it was reported that Sony prepared 2 million units of the PSVR2 to be sold within its first month. While it was done at the time to partially get ahead of supply chain woes, that number gives an idea of Sony's sales target for the device.

A PSVR2 price cut?

Should the price cut actually happen, Sony wouldn't be the first company to slash the price of its VR headset. Earlier in the month, Meta announced a price drop for its Meta Quest 2 and Meta Quest Pro devices. 

In those instances, Meta said it hoped the price cut would bring more audiences onboard with VR. Considering how expensive new technology can be, the price of VR may be the true deterrent from getting people onboard.

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