Sony Corporation (NYSE:SONY) plans to introduce a fresh Playstation subscription service this summer in an effort to drive sales.
The new subscription model, which comes in June, is similar to Xbox Game Pass, a subscription service used by Microsoft (NASDAQ:MSFT) that allows consumers to download a number of different video games.
With the new service, Sony combines Playstation Plus and Playstation Now into a single subscription model which will also be called Playstation Plus. The service will include three packages - PS Plus Essential, PS Plus Extra, and PS Plus Premium.
PS Plus Essential will provide gamers with access to online multiplayer, two free games each month, and cloud storage. This package will be priced at $10 a month, $25 a quarter, or $60 for annual billing.
The second tier, PS Plus Extra, offers everything PS Plus Essential provides, plus 400 downloadable PlayStation 4 and PlayStation 5 games. The package will be priced at $15 per month, $40 per quarter, or $100 per year.
The last and the most expensive is the PS Plus Premium package, which offers a selection of up to 740 downloadable games and allows gamers to stream a mix of PS, PS2, PSP, PS3, PS4, and PS5 games. The Premium package will cost $18 per month, $50 per quarter, or $120 annually.
The Premium service will also allow players to stream games to PC, PS4, and PS5 and let them try out certain games before purchasing.
Sony stock is up 1% in pre open Tuesday.
By Senad Karaahmetovic