Sony Names Two PlayStation CEOs, Says PS5 Growth Is Likely Over

The PS5 might be outselling its chief competitor, but it seems that its overall sales have slowed in recent months. In a recent financial report, Sony said that PS5 sales are down 29% year-over-year in the last fiscal quarter, and it further expects PS5 sales to decrease to 18 million for the fiscal year 2024.

Sony narrowly missed its revised PS5 sales target of 21 million units sold for fiscal year 2023, with 20.8 million units sold. Needless to say, this means that Sony expects PS5 sales to continue to slow, a stark contrast from the pandemic-era shortages that defined the early years of the console.

Overall, Sony said that cumulative PS5 sales reached 59.2 million units, with 4.5 million units coming in the last quarter. It also noted the success of Helldivers 2 on both PC and PS5, as it sold 12 million copies.

In addition, Sony recently named two PlayStation CEOs in the wake of Jim Ryan's departure. Hideaki Nishino and Hermen Hulst will serve as joint CEOs, with Nishino heading up Sony Interactive Entertainment's Platform Business Group and Hulst leading the Studio Business group. The former is responsible for technology, products, the platform experience, and third-party developer relations, while the latter is responsible for all PlayStation game content and film/TV adaptations.

In February of this year, PlayStation cut roughly 900 jobs as part of the ongoing wave of mass layoffs in the gaming industry, resulting in the cancellation of multiple projects, including a Twisted Metal live-service game (which wasn't actually greenlit yet). Sony recently named the unlikely smash hit Helldivers 2 as the fastest-selling PlayStation game ever after changing course on the game's PSN account requirement, which triggered a wide backlash.