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PS+ lost subscribers last quarter but revenue still grew

This year, Sony completely revamped its subscription service offering, introducing new higher tiers of PlayStation+ with access to a large library of games. In the months since then, Sony has lost subscribers year-on-year, but a higher percentage of customers have migrated over to the new tiers. 

As part of Sony's Q2 earnings report, the company revealed that PS+ subscriptions had fallen year-on-year from 47.3 million to 45.4 million. PlayStation Network's monthly active users also fell during the quarter by roughly two million players. Sony's CFO isn't too worried about this decline though, as it is seen mainly as a side effect of the pandemic period coming to an end. Tech companies enjoyed huge gains across the board during 2020 and 2021, but with many countries returning to normal, there are fewer people playing games as often.

While PS+ did technically lose subscribers year-on-year, revenue per subscriber rose by 21% year-on-year, indicating that many customers have migrated over to the new PS+ Extra and Premium tiers. For now, the introduction of these tiers appears to have been a success.

PlayStation as a whole did also see overall revenue gains last quarter, but profits did decline, something that Sony attributes to business costs, with the acquisition of Bungie being among those costs.

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KitGuru Says: Sony still made hundreds of millions in profit despite rising costs, and the integration of PS+ Extra and Premium has been successful. Now, Sony just needs to work on retaining subscribers and bringing in new ones with a quality selection of games. 

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