In Japan, the surge in popularity of renting PlayStation 5 (PS5) consoles can be attributed to a combination of factors including price increases, the launch of a highly anticipated game, and a well-timed rental service introduced by GEO Corporation.
In February, GEO Corporation, which operates around 1,000 stores specializing in renting and selling movies, music, and games, began offering PS5 rentals. With prices starting at a budget-friendly 980 yen (about $7) for a week and 1,780 yen (about $12.50) for two weeks, this service has seen immense success, with 80% to 100% occupancy rates at the 400 stores providing the service. Yusuke Sakai, the manager overseeing GEO's rental products, told ITMedia that the decision to rent out PS5s was made in the summer of 2024, as a response to declining DVD and CD rental demand due to the rise of streaming services.
The timing of GEO's service launch was strategic, aligning with the release of "Monster Hunter Wilds" on February 28. The Monster Hunter series, developed by Capcom, has a robust following in Japan. However, the limited platform availability of "Monster Hunter Wilds," coupled with the high PC specifications required and Xbox's lesser popularity in the region, made the PS5 an attractive option for many gamers. The only deterrent was the console's steep price, which was further exacerbated by Sony's price hike on September 2, 2024. The price of the Digital Edition increased from 59,980 yen (around $427) to 72,980 yen (around $520), and the disc drive version went from 66,980 yen (around $477) to 79,980 yen (around $569). This increase led to widespread dissatisfaction among Japanese consumers, many of whom expressed their frustration on Sony's official X announcement.
GEO capitalized on this discontent by offering a cost-effective rental solution. With an established infrastructure for renting electronics and the ability to refurbish and reset second-hand consoles, GEO could provide its service at significantly lower prices than competitors, who charged between 4,500 to 8,900 yen monthly. Sakai noted that the rental service aligns with GEO's philosophy of allowing customers to experience high-cost products at a fraction of the purchase price, a model they successfully applied to movie rentals in the 1980s.
Despite the attractive rental rates, potential renters should be aware of additional costs. These include the price of renting or buying games and the necessity of a PSN subscription for online play. Moreover, GEO's rental plans are limited to one or two weeks, with an additional charge of 500 yen per day for extended rentals.
The Best PS5 Games
View 26 Images
