Sony has released its FY2023 financial results, revealing that its game and network services revenue grew 17% to ¥4.3 trillion ($27.5 billion). Likewise, the company’s FYQ4 (ending March 31, 2024) gaming revenue saw a modest 2% bump to ¥1.1 trillion ($7.0 billion).
According to its earnings presentation, Sony attributes these gains to increased sales of non-first party titles and add-on content. The company sold 286.4 million games — 14% of which were first party titles. While the year’s total game sales grew 8%, first party sales fell 9% compared to FY23.
Additionally, foreign exchange rates for the historically weak yen are boosting overall sales totals.
Moreover, Sony sold 20.8 million PlayStation 5 consoles over the last year. While this is a 9% increase compared to the 19.1 million shipped the previous year, Sony missed its sales target of 21 million. Notably, this was revised downwards from its initial 25 million goal set in April 2023.
Sony also delivered on user engagement. FYQ4 2023 saw the second highest number of active PlayStation Network (PSN) users ever, only behind January-March 2021. While Helldivers 2 contributed massively to its game sales figures, these active accounts preceded the title’s attempt to have PC users retroactively link a PSN account and subsequent walk back.
Despite these positive results, the company is forecasting declining revenue for the coming year. Sony expects gaming and network services to bring in ¥4.2 trillion ($26.8 billion) or roughly 2% less over the next year. The company expects to sell fewer PlayStation units and first party titles. However, it expects an increase in third party game sales and network services revenue, primarily from PlayStation Plus subscriptions.