Sony Interactive Entertainment’s newly consolidated PlayStation Plus subscription digital video game platform should see an uptick in subscriber growth, thanks in part to the features afforded on the most-expensive ($17.99) monthly ($120 annual) PlayStation Plus Premium Service option, says a Wall Street analyst.
Kota Ezawa, with Citigroup Global Markets, suggests that access to more than double the number of games (340) offered on the $9.99 monthly ($60 annual) PlayStation Plus Essential plan will entice gamers to spend more.
“We think the number of subscribers who will opt for the pricey PS+ Premium package will rise,” Ezawa wrote in a note.
In 2020, the worldwide online gaming market generated about $21.1 billion in revenue, a record 21.9% uptick from 2019, due in large part to the pandemic.
This week, Sony consolidated its PlayStation Plus and PlayStation Now digital platforms to better compete against Microsoft’s Xbox GamePass and Nintendo’s Switch Online subscription-based digital gaming services.
The rebooted PlayStation Plus enables subs to play PS, PS2, PS3, PS4 and PS5 titles online, while also offering multiplayer functionality at no additional cost. Ezawa says the PlayStation Plus platform offers “greater quality and quantity” of games than its predecessors.
“On the [Premium] contract plan, users can freely play up to 740 titles,” Ezawa wrote.