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PlayStation Revenue Rose 17% in FY2023, but Sony Forecast a Small Decline for FY2024

Sony’s PlayStation business grew in FY2023, but expected lower PS5 and first-party sales to weigh on G&NS revenue the following year.
Length3 min Posted Quest giverVGSources Team
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Sony’s Game & Network Services (G&NS) segment generated ¥4.3 trillion in FY2023 revenue, up 17% year over year. GamesBeat reported that as $27.5 billion, a converted figure whose exchange-rate method was not stated. Sony’s forecast at the time called for G&NS revenue of ¥4.2 trillion in FY2024, roughly 2% lower. Those figures describe an actual result followed by a forecast—not a report of what FY2024 ultimately delivered.

Why did revenue rise and then face a forecast decline?

The figures cover two different fiscal years and different business conditions. FY2023 growth reflected stronger sales of non-first-party games and add-on content, along with foreign-exchange effects, according to GamesBeat’s 2024 report on Sony’s results: GamesBeat. For FY2024, Sony expected fewer console and first-party game sales to weigh on revenue, while growth in third-party games and network services—especially PlayStation Plus—would offset some of that pressure.

The forecast was for a modest decline in the segment’s sales, not a collapse in all PlayStation activity. It was also forward-looking guidance announced at the time; it should not be read as FY2024’s realized result.

What the figures measure

The ¥4.3 trillion and ¥4.2 trillion figures are G&NS segment revenue, not revenue from PS5 consoles alone and not operating income. Sony’s annual report describes G&NS hardware and others as including home consoles, packaged and bundled game software, peripheral devices, and first-party software for third-party platforms: Sony’s SEC-filed annual report.

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Console shipments and game sales are separate measures from segment revenue. They help explain the outlook, but they cannot be added together or treated as interchangeable financial figures.

What drove FY2023 growth?

GamesBeat reported that Sony sold 286.4 million games in FY2023, of which 14% were first-party titles; first-party game sales fell 9% year over year. The outlet attributed the segment’s revenue increase to higher sales of non-first-party titles and add-on content, as well as currency effects. These are GamesBeat-reported figures and explanations, rather than a detailed breakdown of revenue shares.

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The mix matters: growth in the overall segment did not require every part of the business to grow. Higher contributions from other games and add-on content could accompany a decline in first-party unit sales.

Why console-cycle expectations mattered

GamesBeat reported 20.8 million PS5 consoles sold in FY2023, below Sony’s revised target of 21 million; the outlet also reported that the original goal had been 25 million. Separately, Sony’s corporate report said PS5 sales volume was expected to decline gradually as the console entered the second half of its cycle: Sony corporate report.

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Sony’s FY2024 outlook therefore paired expected declines in console and first-party sales with expected increases in third-party game sales and network services, particularly PlayStation Plus. The segment forecast reflected those opposing pressures rather than a prediction that every PlayStation revenue stream would shrink.

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FY2023 actual result versus FY2024 forecast

Measure FY2023 result FY2024 outlook announced at the time
G&NS segment revenue ¥4.3 trillion, up 17% year over year; GamesBeat reported a conversion of $27.5 billion, with no exchange-rate method stated. ¥4.2 trillion, approximately 2% lower year over year, according to GamesBeat’s 2024 report.
PS5 consoles 20.8 million sold in FY2023, as reported by GamesBeat. Sony expected sales volume to decline gradually in the second half of the console cycle.
Software and services GamesBeat reported 286.4 million game sales, 14% first-party, with first-party sales down 9% year over year. Fewer first-party sales were expected; third-party games and network services, especially PlayStation Plus, were expected to increase.

The comparison keeps the key distinction clear: FY2023’s 17% increase is an actual segment-revenue result, while the roughly 2% decrease is Sony’s FY2024 forecast as reported in 2024. Neither is a PS5 unit-growth rate.

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