Could It Be The Price Tag? PlayStation VR2 Sales Fail To Impress, Less Than 300,000 Units Sold In The First Month

Sony Group Corp.'s (NYSE: SONY) new PlayStation VR2 headset is experiencing a sluggish launch into the market, as it is projected to sell fewer than 300,000 units in its initial weeks on the market, according to Bloomberg.

The Japanese console maker is expected to sell approximately 270,000 units of the PSVR2 between its release on Feb. 22 and the end of March, according to estimates from research firm IDC. This is a far cry from Sony's initial goal of producing approximately 2 million units for the PSVR2's launch window.

See Also: PlayStation VR2 Is Here: Everything You Need To Know

Francisco Jeronimo, IDC's vice president of data and analytics, told Bloomberg: "Consumers around the world are facing rising costs of living, rising interest rates, and rising layoffs. VR headsets are not top of mind for most consumers under the current economic climate."

"I suspect a price cut on the PSVR2 will be needed to avoid a complete disaster of their new product," he added.

The underwhelming sales figures for Sony's latest VR headset suggested that it might be struggling to win over consumers with its one-cent shy of a $550 price tag.

The headset is also dependent on the PS5 console, which starts at $400, and users must purchase games separately.

Sony is seeking to establish a strong foothold in the metaverse with the PSVR2 as a critical component of the company's strategy to achieve this goal, but it appears the company might have to reassess its approach to pricing and marketing to gain a significant market share.

Next: Sony's PlayStation 5 Shortage Is Over: More Than 30 Million Units Sold

Image: Courtesy of Sony.