PlayStation Plus subs drop and most gamers still aren't subscribed

Sony's latest financial report gives an update on PlayStation Plus subscriber counts, revealing a dip as network services revenues increase.

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PlayStation Plus subscribers have dropped to 47.4 million as of Q4 FY21, down some 600,000 users from the all-time high of 48 million subscribers set in Q3.

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Other key performance indicators from Sony's documents show that most online PlayStation gamers still are not subscribed to PlayStation Plus. Our records show that 55%, or more than half of PlayStation's total monthly active users, aren't subscribed to PS Plus.

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This strongly suggests that most of Sony's active online userbase is playing free-to-play titles as F2P games do not require PS Plus in order to play. This deduction is also supported by the significant portion of add-on content revenues earned through the year.

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What's also interesting is the dip corresponds with an increase in network services, the segment that includes PS Now and PS Plus subscription revenues as well as any advertising revenues. The raise in earnings may indicate two things: Higher PS Now subscription sign-ups as gamers may be preparing for the new three-tiered PS Plus plan, or higher revenues from ads.

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