The PS5 launched in two waves: November 2020 in Japan and some other regions, November 12, 2020 in the US and most of Europe

Sony released the PlayStation 5 in Japan on November 12, 2020, and the same day in North America and most European countries. Australia and New Zealand got it a week later, on November 19, 2020. The console was not available everywhere at once because Sony staggered the rollout to manage manufacturing and shipping across different regions.

The launch happened during a global chip shortage that lasted into 2022, which meant stock was extremely limited for the first year. Retailers sold out within hours of restocking, and the console remained hard to find until mid-2021. By late 2022, the PS5 was consistently available at standard retail price, which is $499 for the standard edition with a disc drive and $399 for the all-digital version.

Key Takeaways

  • The PS5 launched on November 12, 2020, in the US, Canada, Japan, and most of Europe, with Australia and New Zealand following a week later.
  • The console was extremely difficult to buy for the first 18 months due to a global chip shortage that affected electronics manufacturing worldwide.
  • Two versions exist: the standard edition with a disc drive ($499) and the all-digital edition ($399), both available since late 2022 at most major retailers.
  • The PS5 is now in its fourth year on the market, making it a mature console with a large library of games and stable hardware reliability.

Why the PS5 took so long to reach store shelves

The semiconductor shortage that began in 2020 affected every electronics manufacturer, but the PS5's custom processor made it especially vulnerable. Sony could not straightforward swap in a different chip — the console was designed around a specific architecture. This meant that when chip factories fell behind, there was no workaround.

Scalpers and resellers made the shortage worse by using bots to buy consoles the moment they appeared online, then reselling them at two or three times the retail price. This created a false scarcity that lasted longer than the actual manufacturing problem. By the time chip production caught up in late 2022, the initial frenzy had cooled and the PS5 became a normal product to buy.

The two PS5 models and their differences

Sony sells two versions of the PS5. The standard edition includes a 4K Blu-ray disc drive and costs $499. The all-digital edition removes the disc drive, costs $399, and requires you to read all games from the PlayStation Store instead of buying physical copies.

The all-digital model is smaller and slightly quieter because it has no moving parts for reading discs. However, it locks you into digital purchases, which means you cannot buy used games, trade games with friends, or sell games you no longer want. The standard edition with the disc drive gives you those options and also lets you play 4K movies on Blu-ray if you own any.

Both models have the same processor, graphics chip, and storage capacity. The only meaningful difference is the disc drive. Choose the all-digital version if you prefer downloading games and do not own physical media; choose the standard version if you want the flexibility of physical discs or plan to buy used games.

How old the PS5 is now and what that means for your purchase

The PS5 is now in its fourth year on the market. At this point in a console's lifecycle, the hardware is proven and reliable — early manufacturing defects have been identified and fixed, and the library of games is large enough that you will have hundreds of titles to choose from.

Sony has not announced a PS6 release date, and industry analysts expect the PS5 to remain the current PlayStation console for at least another two to three years. This means games will continue to be released for it, and the console will not become obsolete anytime soon. If you buy a PS5 now, you are buying into a stable, mature platform with years of support remaining.

Where to buy a PS5 in 2024

The PS5 is widely available at major electronics retailers including Best Buy, Walmart, Target, and Amazon. You can also buy it directly from the PlayStation Store on Sony's website. Prices are consistent across retailers at $499 for the standard edition and $399 for the all-digital version, though occasional sales or bundle deals appear during holiday periods.

Stock is no longer an issue — you can order a PS5 online and have it shipped to you, or buy it in person at a store. There is no waiting list, no lottery system, and no artificial scarcity. The console is a normal consumer product again, which means you can take your time deciding which version suits you and when to buy.

Games available for the PS5 right now

The PS5 has over 1,000 games available, including major titles like Final Fantasy XVI, Baldur's Gate 3, Elden Ring, God of War Ragnarök, Spider-Man 2, and Astro's Play Room (which comes free with the console). Many PS4 games also run on the PS5, often with improved graphics and faster loading times.

New games are released regularly, and major publishers continue to develop for the PS5 as their primary platform. The game library is deep enough that a new owner will have years of content to work through, and you will not run out of things to play anytime soon.

Frequently Asked Questions

Is the PS5 worth buying in 2024?

Yes, if you want to play current PlayStation games. The console is mature, reliable, and has a large library. You are not buying an outdated system — the PS5 will be the current PlayStation for several more years, and games will continue to release for it.

Should I buy the standard edition or the all-digital version?

Buy the standard edition if you want the option to use physical discs, buy used games, or trade games with friends. Buy the all-digital version if you prefer downloading everything and do not mind paying full price for every game. The standard edition costs $100 more but gives you more flexibility.

Will the PS5 price drop soon?

Sony has not announced any price cuts. The PS5 has been at $499 and $399 since late 2022. Prices may drop closer to the end of the console's lifecycle, but that is likely several years away. Occasional sales or bundles appear during holidays, but the base price is stable.

Can I play PS4 games on the PS5?

Most PS4 games work on the PS5, and they often run faster with better graphics. A small number of PS4 games are not compatible, but Sony maintains a list on its website. If you own PS4 games, you can bring them to the PS5 (on disc, if you have the standard edition).

How long will the PS5 be supported?

Sony typically supports a console for seven to ten years after launch. The PS5 launched in 2020, so you can expect new games and updates through at least 2027 or 2028. The PS6 has not been announced and is not expected for several years.