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Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Sony shipped 7.8 million PlayStation 5s between the new console’s November 2020 launch and the end of March, with demand outstripping supply, the company said in its latest financial reports.

Why it matters: The video game business has boomed since the onset of the coronavirus pandemic, but a shortage of semiconductors threatened to slow down the manufacturing of new game consoles, including the PS5.

  • “Supply has not been able to keep up with extremely strong demand for PS5, although constraints on the supply of components, especially semiconductors, is expected to continue this fiscal year,” Sony chief financial officer Hiorki Totoki said in a livestreamed conference for media and investors.
  • Sony nevertheless expects to sell more than 14.8 million PS5s between April 1 and the end of March 2022, beating the wildly successful PlayStation 4 over a similar timeframe in its lifecycle.

The big picture: Sony, like rivals Microsoft and Nintendo, launch new consoles every seven years or so. That initially led to high expectations for fall 2020, when new PlayStations and Xboxes were set for release. But the onset of COVID-19 led to uncertainty.

  • The PS5 and rival Xbox Series X have been hot since their November launches, constantly selling out.
  • Amazon is out of stock of either new console right now.
  • Over on eBay. The ostensibly $500 PS5 is listed for $700 and way higher.

Between the lines: Sony also reported record income for its gaming division, which includes consoles, games and services, at some 342 billion yen ($3 billion) for the past year.

  • To help fuel its PlayStation business, Sony announced plans to increase spending on game development by 20 billion yen ($184 million).
  • Sony’s game-development prowess was always strong, but kicked into overdrive in the PS4 generation, as it produced numerous game-of-the-year contenders such as “God of War” and “Ghost of Tsushima,” from U.S. based studios Sony Santa Monica and Sucker Punch.
  • But a recent downsizing of its critically acclaimed Tokyo game studio had prompted questions about potential issues with Sony’s game development.

The bottom line: In gaming, one party’s success is usually another’s misfortune. Not so right now. Microsoft also reported strong Xbox numbers yesterday and Nintendo’s Switch business remains a rocket ship.

For gaming’s biggest players, COVID has introduced some obstacles, but has largely made them even bigger players in entertainment.

The Axios Gaming newsletter will launch on May 3. Sign up for it here.

Go deeper

Why some young people aren’t gaming

Expand chart
Data: Generation Lab's GAMING tomorrow prospectus; Chart: Will Chase/Axios

Time is more of a barrier than money when it comes to why some young adults don’t play video games, according to a new poll from Generation Lab, shared with Axios.

Why it matters: There are more entry points to gaming than ever, but there’s no guarantee that young people will embrace games simply because they’re more commonplace.

Biden says presidency "will be determined" by outcome of spending plans

President Biden walks with House Speaker Nancy Pelosi after addressing the House Democratic caucus on Thursday. Photo: Jim Watson/AFP via Getty Images

President Biden told the House Democratic caucus Thursday "my presidency will be determined" by the votes he wants in the next week on his $1.75 trillion social safety net expansion and $1.2 trillion infrastructure package.

Driving the news: Biden made the comment, according to a source in the room, as he tried to rally support for the $1.75 trillion package. House Speaker Nancy Pelosi acted immediately, calling for a vote on the $1.2 trillion bipartisan infrastructure bill later in the day.

Ben Geman, author of Generate
46 mins ago - Energy & Environment

China declines to speed emissions cuts in new UN pledge

A view of the skyscrapers in the haze in Shanghai, China, in December 2020. Photo: Feature China/Barcroft Media via Getty Images

Chinese leaders are sticking with a prior target to bring the country's carbon emissions to a peak before 2030, according to documents filed with the United Nations Thursday under the Paris climate agreement.

Why it matters: The new documents come just days ahead of the UN climate summit (COP26) in Glasgow. China is by far the world's largest greenhouse gas emitter, and its emissions path is key to whether the temperature-limiting goals of the Paris agreement can remain within reach.