A game which will be released on the PS5 and the Xbox Series X has been announced at a higher price point than current releases, and this trend may well be followed by the rest of the industry.
PS5 and Xbox Series X fast approaching
The video game world in 2020 has so far revolved around the announcements made by Sony and Microsoft concerning the releases of the PS5 and the Xbox Series X. The PS5's design was recently unveiled, and rumours about pre-orders beginning very soon are circulating, but it's the price point of the next-generation games that is causing some concern.
A price increase for NBA 2K21
Recently, 2K Games announced that NBA 2K21 will be released on September 4th on the current generation of consoles, and at a later date on the PS5 and the Xbox Series X. The catch is that although the game will be sold for £59.99 on current consoles, it will be sold for £65 for the PS5 and Xbox Series X! 2K Games is the first video game publisher to officially announce a price increase for its games on the next generation of consoles. In the United States, the price will also rise from $59.99 to $69.99.
According to 2K Games, this increase in price is due to the fact that the game was designed specifically for the next generation of consoles, making full use of their power. This is only an isolated case for the moment, but we're necessarily wary of the future, and whether this is an example that other publishers in the industry will follow.
A price increase due to higher production costs
GamesIndustry reported on a study made by IDG Consulting, a company specialising in market research. If analysts are to be believed, a large proportion of video game publishers could be on the verge of following 2K Games' business model. Since games are becoming more expensive to produce, the transition to the new generation is an opportunity to raise prices to compensate for the studios' loss of earnings.
As a reminder, the last significant price increase was with the releases of the PS3 and Xbox 360, when the price of games went from £50 to £60. The new technological prowess of the PS5 and Xbox Series X seems to be a valid reason for this financial upheaval, to the great displeasure of gamers.