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'No Way' PlayStation 5 Will Be More Than $500, Says Former Xbox Exec

'No Way' PlayStation 5 Will Be More Than $500, Says Former Xbox Exec

There's "no way" that the PlayStation 5 will cost more than $499, according to former Xbox marketing head Albert Penello. Discussion around the price of the next-gen console flared up again after Sony's PS5 reveal event last week. We got a look at the console itself and a substantial number of games, but that crucial price point remains elusive.

Penello oversaw marketing on the Xbox, Xbox 360, and Xbox One, so definitely has a good idea of what he's talking about. Taking to Twitter, he seemed pretty damn sure that the price of Sony's next-gen console wouldn't exceed $499. No doubt that should come as welcome news, and also lines up with other industry analyst predictions that Sony will sell the PS5 for $470 at most.

"I believe in the saying 'never say never'," Penello wrote. "But I gotta say never. No way this console is over $499." $499 would be roughly £394 in the UK, but it's worth noting that the final price of the PS5 will likely be more than a straight conversion of the US price. In other words, we can't say that Penello is speaking for the UK here, but his prediction should give you some indication.

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"Price in this generation may be the most important indicator of success," he continued. "Maybe even more than exclusives. There has never been a more divergent set of specs, features, and price points then I think we're going to see this gen. It will be fascinating. Someone should write a book."

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The PlayStation 4 launched for $399/£349, and its more reasonable price tag was almost certainly a factor in the console's success. Compare that to the PS3, which launched at $599/£425 and very nearly tanked completely, and you can be sure Sony will be keen to find a middle ground.

PlayStation 5 / Credit: Sony
PlayStation 5 / Credit: Sony

Earlier this week, PlayStation CEO Jim Ryan confirmed that the company will put "value" over "price" when it comes to the PS5.

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"Conventional wisdom and history show that our business is one of the more recession-proof businesses," he explained to BBC Click. "But I think this will sharpen our need to ensure that we focus on getting the value equation right. And I emphasise value as opposed to price.

"We must be more attentive than ever before to ensure that the overall value proposition in terms of the console and the games - the range of games, the quality of games, the quantity of games - makes this something that our community aspires towards."

Featured Image Credit: Sony

Topics: PlayStation 5, Price, Xbox, PS5, Next-Gen, sony, Microsoft

Ewan Moore

Journalist at GAMINGbible who still quite hasn’t gotten out of my mid 00’s emo phase. After graduating from the University of Portsmouth in 2015 with a BA in Journalism & Media Studies (thanks for asking), I went on to do some freelance words for various places, including Kotaku, Den of Geek, and TheSixthAxis.