Sony Group Corp SONY is preparing to launch a faster and premium version of its popular video game console to boost sales ahead of the holiday season.

The PlayStation 5 Pro will be available on November 7 for $700, an increase of $200 from the standard version. Prior speculations quoted the price at $600, backed by a new Advanced Micro Devices, Inc AMD chip and improved cooling technology.

PlayStation 5 game users can avail themselves of upgraded resolutions and frame rates without toggling between different modes, Bloomberg cites Mark Cerny, lead architect of the console.

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He told Bloomberg that the PlayStation 5 Pro would offer 45% faster rendering than the standard PlayStation 5.

PlayStation 5 has sold more than 59 million units since its release in 2020.

Sony clocked fiscal first-quarter 2024 topline growth of 2% year-on-year to $19.3 billion, beating the analyst consensus of $17.19 billion. 

Game & Network Services (G&NS) revenue increased 12%. Sony sold 2.4 million PlayStation 5 units in the quarter, down from 3.3 million a year ago, missing the analyst estimate of 3 million.

The major console makers, including Microsoft Corp MSFT, Sony, and Nintendo Co NTDOF NTDOY, faced double-digit percentage declines in May 2024, indicating the natural life cycle of gaming consoles.

Investors can gain exposure to Sony stock through Invesco International Dividend Achievers ETF PID and SPDR S&P Kensho New Economies Composite ETF KOMP.

Price Action: SONY stock is up 1.99% at $92.86 at the last check Tuesday.

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Photo via Sony Blog