In Japan, the sudden surge in renting PlayStation 5 (PS5) consoles over the past few months can be attributed to a combination of factors including price increases, the popularity of a specific game series, and the strategic launch of a rental service by a prominent Japanese retailer. GEO Corporation, a chain with approximately 1,000 stores across Japan that specializes in renting and selling movies, music, and games, introduced a PS5 rental service in February. With rental prices starting at an affordable 980 yen (around $7) for a week and 1,780 yen (approximately $12.50) for two weeks, this service has proven to be a massive hit, with rental rates reaching between 80% to 100% at the 400 stores offering it.
Yusuke Sakai, the manager in charge of GEO’s rental products, shared with ITMedia that the idea to rent out PS5s emerged in the summer of 2024. This decision came at a time when GEO's DVD and CD rental business was declining due to the rise of streaming services. Meanwhile, the PS5, although no longer in short supply, was facing rumors of a price hike due to unfavorable exchange rates. On September 2, 2024, Sony confirmed these rumors by increasing the price of the Digital Edition from 59,980 yen (about $427) to 72,980 yen (around $520), and the disc drive version from 66,980 yen (approximately $477) to 79,980 yen (about $569). This move was met with significant backlash from Japanese consumers, many of whom expressed their frustration on Sony’s official X announcement, deeming nearly 80,000 yen too steep for a console that was already four years old.
GEO’s decision to leverage its existing rental infrastructure and expertise in handling second-hand consoles allowed them to offer PS5 rentals at much lower rates compared to other companies, which were charging between 4,500 to 8,900 yen per month. This affordability has made it easier for those curious about the PS5 to give it a try for a short period. The timing of GEO's rental service launch on February 28 couldn't have been better, aligning perfectly with the release of Capcom's Monster Hunter Wilds. Given the series' strong following in Japan and the game’s limited platform availability, with Xbox being less popular in the region and the high PC specs required, the PS5 became the preferred choice for many eager to play Monster Hunter Wilds, despite its high cost.
Sakai emphasized that getting the rental service ready in time for Monster Hunter Wilds' launch was a top priority for GEO, recognizing the game's potential to be one of the year's biggest titles. This approach aligns with GEO's long-standing philosophy of allowing customers to try out expensive products at a fraction of the cost, a strategy that dates back to the 1980s when GEO enabled people to rent movies for around 1,000 yen a night, much cheaper than buying them outright. With a PS5 now costing nearly 80,000 yen, renting becomes an appealing option for many, especially parents or students on a tight budget.
However, the overall cost of renting a PS5 can add up when considering additional expenses such as renting or buying games and subscribing to PlayStation Network (PSN) for online play. Moreover, GEO’s current rental plans are limited to one or two weeks, with an additional 500 yen per day for any extension beyond that.
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