The PS5 shortage will continue into next year

If you're one of the many people who still doesn't have a PlayStation 5, bad news: low supply is expected to continue into 2022.

Why it matters: According to Bloomberg, CFO Hiroki Totoki told analysts that the company needs to increase production ASAP.

• "I don't think demand is calming down this year and even if we secure a lot more devices and produce many more units of the PlayStation 5 next year, our supply wouldn't be able to catch up with demand," said Totoki.
• Sony's goal is to sell at 14.8 million units before the end of the fiscal year; currently it's sold 7.8 million.
• The company has struggled with production due to a semiconductor chip shortage that's impacted everything from consoles to cars.

Flashback: In February, Sony Interactive Entertainment CEO Jim Ryan told the Financial Times that he expected production to kick up by the second half of 2021. "It will get better every month throughout 2021," Ryan said.