In Japan, the sudden surge in popularity for renting a PS5 console can be attributed to a combination of factors, including significant price hikes, the release of a highly anticipated game, and a strategic move by a major retailer. GEO Corporation, a chain with around 1,000 stores specializing in renting and selling movies, music, and games, introduced a PS5 rental service in February, starting at an affordable 980 yen (approximately $7) for a week, and 1,780 yen (approximately $12.50) for two weeks. This service has proven immensely popular, with rental rates at 80% to 100% across the 400 participating stores.
Yusuke Sakai, the manager overseeing GEO's rental products, explained to ITMedia that the initiative to rent out PS5 consoles was conceived in the summer of 2024. This was a period when GEO's DVD and CD rentals were declining due to the increasing dominance of streaming services. At the same time, rumors were circulating about potential price increases for the PS5 in Japan, fueled by a weakening yen. These rumors became reality on September 2, 2024, when Sony raised the price of the Digital Edition from 59,980 yen (approximately $427) to 72,980 yen (approximately $520), and the disc drive version from 66,980 yen (approximately $477) to 79,980 yen (approximately $569). The price hike, which pushed the cost of the console to nearly 80,000 yen, was met with significant backlash from Japanese consumers, as evidenced by numerous complaints on Sony's official X announcement.
Sakai noted that GEO saw an opportunity to leverage its existing rental infrastructure, which had been in place since the late 1980s, to offer PS5 rentals at a lower price than competitors. GEO's established systems for selling, repairing, and renting electronics, along with their ability to handle second-hand consoles, allowed them to keep costs down. This enabled GEO to offer rentals at a fraction of the price charged by other companies, which typically ranged from 4,500 to 8,900 yen per month. The affordable pricing likely encouraged many who were curious about the PS5 to try it out for a short period.
The timing of GEO's PS5 rental service launch on February 28 was strategic, coinciding with the release of Capcom's highly anticipated game, Monster Hunter Wilds. The Monster Hunter series has a strong following in Japan, but the limited platform availability of Monster Hunter Wilds—with Xbox's lesser popularity and the game's high PC requirements—made the PS5 a more appealing option for many Japanese gamers, despite its high cost. Sakai emphasized that launching the service in time for Monster Hunter Wilds was a top priority, recognizing the game's potential as a major draw.
GEO's approach reflects its long-standing philosophy of allowing customers to experience expensive products at a more affordable rate. Sakai drew parallels to the 1980s, when GEO made it possible for customers to rent movies for around 1,000 yen a night, compared to the high purchase price of 15,000 to 20,000 yen for a single videotape or laserdisc. In today's context, with a PS5 costing nearly 80,000 yen, renting becomes an attractive option for parents or students who might find the outright purchase prohibitive.
However, the cost of renting a PS5 might not be as low as it initially seems. Additional expenses such as renting or buying games and subscribing to PSN for online play can add up. Moreover, GEO's current rental plans are limited to one or two weeks, with an additional charge of 500 yen per day for extensions.
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