THE PlayStation 5 won't cost more than £500 when it launches later this year, despite rumours suggesting the console will sell for up to £700.
That's according to former Xbox boss Albert Penello, who says he "can't conceive" that Sony will ship the machine with a huge price tag.
Albert made the comments on Wednesday in response to a tweet claiming the PS5 will cost $600 (£479).
"I believe in the saying 'never say never'," the Washington native, who now works as a top boss at Amazon, said.
"But I gotta say never. No way this console is over $499 [£400]."
Sony finally unveiled the PS5 last week during a live-streamed event. The console is due out in time for Christmas.
However, the Japanese tech titan has yet to reveal how much the console will cost despite being only months from release.
Albert, who worked as Microsoft's senior director of console marketing from 2000-2018, clarified his comments in a followup tweet.
He made the point that the huge success of the PS2 was largely due to its low price tag, while the poor sales of the PS3 were due to its high cost.
"I can't conceive how Sony would go from pricing it's best generation since PS2 @ $399, to pricing from it's worst generation PS3 @ $599," he said.
How much will the PS5 and Xbox Series X cost?
Here's what you need to know…
Respected Wedbush Securities analyst Michael Pachter thinks we'll see a major price war.
"From what I've seen, Sony's gonna have to charge $500 for the PS5," he explained.
"Microsoft has a big balance sheet. If they wanna cut the price by $100 – just price below [PS5] and subsidise the first 10million [units] – they will.
"So I think that they're waiting to have Sony blink first, and then they'll reveal the price. Very likely $400."
Fellow gaming industry insider Peter Moore agreed with Pachter's predictions.
Moore was formerly an EA and Microsoft exec, and was speaking on the Bonus Round podcast.
He said: "Michael's right. What both companies are going through right now is: 'How much can we afford to lose in the first 12 to 18 months?'
"'What is our attach rate of software to hardware? What are we willing to do in year one, two and three to hit 10million [units]?'"
Sadly, neither Microsoft nor Sony have confirmed pricing for either of their consoles – or even hinted at a range.
It appears that Albert's comments were based on pure speculation, so take them with a grain of salt.
However, having worked at the very top of the console industry for nearly two decades, his opinion counts for more than most.
Sony announced the PS5 last year and has set a tentative "Holidays 2020" release date for the console.
Loading up a game on the PlayStation 5 will be ten times faster than on PS4, according to the tech titan.
It has a sci-fi controller that features haptic feedback, which means you'll feel different sensations through the controller as you play.
The PS5 is expected to cost somewhere in the region of £400 to £500 at launch.
It'll be up against some stiff competition: Microsoft plans to launch its new console, the Xbox Series X, around the same time.
In other news, Call of Duty has added a new Warzone Solos mode.
People have been sharing hilarious PS5 memes online.
And, a Japanese firm is selling a bonkers "gaming bed" with headphone hangers, cup holders and a desk for your PC monitors.
What are your thoughts on the PS5? Let us know in the comments…
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