Could price cuts save the day for Sony's PS VR2?

Image Credit: Polygon Since its release, the PlayStation VR2, Sony's next-generation virtual reality headset, has not done well in sales. IDC, a market research company, has published a report on the Sony VR headset's sales results. Only 270,000 copies were sold between February 22 and the end of March, well below Sony's initial projection of 2 million units. We should also mention that Meta has denoted a price reduction for the Quest2 at this time. Hence, to prevent a major disaster, we concur with IDC's recommendation that Sony should also reduce the price of the headset.

WHY DIDN'T PLAYSTATION VR2 WORK?

The PlayStation VR2 is available for purchase for $549.99. Even though the hardware performs well, it appears that not many people are willing to pay more money for this particular product. We speculate that they prefer modern game consoles with a richer environment in place of it. Although certain exceptional games like Horizon: Call of the Mountain, the headset's published game list isn't all that spectacular. Consumers worldwide are dealing with growing living expenses, rising interest rates, and an increase in job losses, according to Francisco Geronimo, vice president of data and analysis at IDC. In the current economic scenario, most buyers are not thinking about VR headsets. Image Credit: Push Square The Sony PlayStation VR2 headset's appeal is constrained by the fact that it is only PS5 compatible and is unable to play PSVR1 games or connect to other systems or devices. Read More: In 2023, Sony plans to produce 2 million PlayStation VR2 headsets After pre-orders for the PlayStation VR2 fell short of expectations, Sony revised its shipment forecast. The market for virtual reality products is now dropping overall. As a result, rivals of Sony, including Meta, are also having issues. Mass layoffs occur as a result in the concerned departments. However, in the future, AR/VR display revenue is anticipated to climb by more than 50% to $7.3 billion in 2027.