Sony Group Corp (SONY  ) is preparing to launch a faster and premium version of its popular video game console to boost sales ahead of the holiday season.

The PlayStation 5 Pro will be available on November 7 for $700, an increase of $200 from the standard version. Prior speculations quoted the price at $600, backed by a new Advanced Micro Devices, Inc (AMD  ) chip and improved cooling technology.

PlayStation 5 game users can avail themselves of upgraded resolutions and frame rates without toggling between different modes, Bloomberg cites Mark Cerny, lead architect of the console.

He told Bloomberg that the PlayStation 5 Pro would offer 45% faster rendering than the standard PlayStation 5.

PlayStation 5 has sold more than 59 million units since its release in 2020.

Sony clocked fiscal first-quarter 2024 topline growth of 2% year-on-year to $19.3 billion, beating the analyst consensus of $17.19 billion.

Game & Network Services (G&NS) revenue increased 12%. Sony sold 2.4 million PlayStation 5 units in the quarter, down from 3.3 million a year ago, missing the analyst estimate of 3 million.

The major console makers, including Microsoft Corp (MSFT  ), Sony, and Nintendo Co (NTDOF  ), faced double-digit percentage declines in May 2024, indicating the natural life cycle of gaming consoles.

Investors can gain exposure to Sony stock through Invesco International Dividend Achievers ETF (PID  ) and SPDR S&P Kensho New Economies Composite ETF (KOMP  ).

Price Action: SONY stock is up 1.99% at $92.86 at the last check Tuesday.