Sony's new PlayStation VR 2 is reportedly off to a slow start since it launched on February 22, and it's estimated that Sony will miss its sales goal by a massive margin. According to estimates from the research firm IDC (via Bloomberg), Sony is expected to sell around 270,000 units by the end of March. Bloomberg had previously claimed that Sony was aiming to ship 2 million PlayStation VR2 units during the headset’s launch quarter, according to "people familiar" with the company's deliberations.

PlayStation VR 2, which is part of Sony president and CEO Kenichiro Yoshida's goal to create a metaverse for the company, hasn't generated much excitement since its arrival. This comes down to a number of reasons, with the hefty price tag of the hardware being a key sticking point for cash-strapped consumers.

"Consumers around the world are facing rising costs of living, rising interest rates, and rising layoffs," IDC's Francisco Jeronimo said to Bloomberg. "VR headsets are not top of mind for most consumers under the current economic climate."

The Sony VR headset features some impressive technology and better-designed controllers compared to its predecessor, but the hardware costs more than a PS5 console. With a recommended retail price of $549 for the VR headset and controllers, analysts say a price cut will be necessary if Sony wants to remain competitive against rivals like Meta, which recently announced a price cut on the Quest 2.

On top of that, PlayStation VR 2's games library is mostly made up of titles that are already available on established VR systems, save for the PS5 console-exclusive Horizon Call of the Mountain. "I suspect a price cut on the PSVR2 will be needed to avoid a complete disaster of their new product," Jeronimo added.

"The PSVR 2 is undoubtedly a major step forward for PlayStation's virtual reality ambitions and one of the best headsets on the market, but in the ever-shifting landscape of virtual reality, its price and current value proposition leave it in an awkward position once again," Tamoor Hussain wrote in GameSpot's PlayStation VR 2 review.