PlayStation Plus to raise monthly subscription by £1 in UK

An important development from the financial markets: PlayStation Plus to raise monthly subscription by £1 in UK16 minutes ago Share Save Add as preferred on GoogleEmer MoreauBusiness reporteriStock Editorial / Getty Images PlusSony increased the price of the PlayStation 5 console last monthPlayStation Plus subscribers will be hit with price rises in some regions, the gaming company has said, citing "market conditions". A basic monthly subscription to the gaming service will rise by £1, $1 (75p), and €1 (87p) to £7. Meanwhile, a basic three-month subscription will go up by £3, $3, and €3 to £21.

PlayStation did not specify where the rises would apply, but said they do not apply to current subscribers, except in Turkey or India, unless the existing subscription changes or lapses. The rises will take effect on Wednesday 20 May and come just a few months after the company increased the price of a PlayStation 5. PlayStation Plus gives users access to online multiplayer, monthly downloadable games, and exclusive PlayStation Store discounts.

Economic Details

There are three tiers of subscription: Essential, Extra, and Premium. All have different pricing for monthly, three-month, and yearly options. PlayStation did not say whether there would be any price increases for the other subscription tiers or what might happen to the 12-month subscription.

Some on social media reacted angrily to the announcement, with one person writing: "Online games should be free to play... doesn't even make sense we have to pay to play online. "Another said: "Are the 'market conditions' in the room with us?

"The has contacted PlayStation for comment. 'Continued pressures'The video game industry has been hit with supply problems due to the US-Israel war with Iran and the price of memory chips has skyrocketed because of the artificial intelligence (AI) boom. In March, PlayStation, which is owned by Sony, the PlayStation 5's price would rise by £90 in the UK and by $100 in the US due to "continued pressures in the global economic landscape".

Analyst Views

PlayStation's rival Nintendo also announced this month that it will hike the price of its Switch 2 console $449. 99 in the US, and €469. 99 in most European countries.

Nintendo told Newsbeat a revised price for the UK – where a Switch 2 currently costs £395. 99 – would be confirmed at a later date. Meanwhile, sales of the PlayStation 5, which was launched in 2020, fell in the past year, owner Sony said earlier this month.

However, PlayStation and Xbox are still expecting a lucrative year with the launch of Grand Theft Auto 6, which is expected to be one of the fastest-selling video games of all time. For the year to March 2027, the game division is expected to enjoy higher profits despite falling sales, Sony said in its results. Why everything from your phone to your PC may get pricier in 2026Xbox confirms new console is coming - but can it revive the brand?

Financial markets are tracking the development closely as investors assess the likely impact.