To give a personal example (remember, value is subjective), and to bring us onto the topic of Sony, let's talk about the upcoming Ratchet & Clank: Rift Apart -- which, like all full first-party PS5 games, is being sold in the UK for £70. I love Ratchet & Clank, it is one of my all-time favourite franchises, and my benefit expectation for the upcoming PS5 title is extremely high. Yet when I saw that price, I hesitated.
I have spent more than £70 on video games before, but I've not spent anywhere near that for a Ratchet & Clank title. In fact, the last game on PS4, the remake of the original, cost me £30 brand new. I do expect to pay more for an all-new PS5 title, but double the price? The benefit/cost equation isn't working so well in this case.
Unlike Nintendo, Sony doesn't have a reputation for high prices on software -- hardware is a different matter -- so trying to convince it fans that $70 for Ratchet & Clank or Returnal is good value is a tall order.