Microsoft Is Raising Price of New Xbox Games to $70 Starting Next Year

(Bloomberg) -- Microsoft Corp. is raising the price of new Xbox games to $70 from $60 starting in 2023, following other big gaming rivals from Ubisoft Entertainment SA to Sony Group Corp. and Take-Two Interactive Software Inc.

Most Read from Bloomberg

• Putin Calls Russian Nukes Deterrent Factor, Says War Risk Rising

• Tesla's Troubles Are Piling Up While Elon Musk Is Distracted With Twitter

• WNBA Star Griner Freed in One-for-One Swap for Arms Dealer

• Elon Musk’s Bankers Consider Tesla Margin Loans to Cut Risky Twitter Debt

• Peru’s President Accused of Coup After Move to Dissolve Congress

The $10 bump, which was earlier reported by IGN, will affect next-generation games including Starfield, Redfall and Forza Motorsport, the company said in a statement. “This price reflects the content, scale, and technical complexity of these titles,” a spokesperson said. The games will be available as part of Microsoft’s subscription service, Game Pass, for $9.99 a month on Windows and Xbox consoles.

Many top games remained at a $60 price point for nearly two decades. In 2020, when Sony and Microsoft released their latest consoles, executives debated increasing the price in line with factors including the ballooning cost to develop games and inflation.

Microsoft said the company was holding off on the increase until after the holidays, “so families can enjoy the gift of gaming.”

Most Read from Bloomberg Businessweek

• Airbus Is Coming for Boeing’s 737

• China Is the Wild Card for Global Inflation in 2023

• The Cult of the Retail Trader Has Fizzled

• The US’s New Approach to Venezuela Is Starting to Bear Fruit

• The Viral List That Turned a Yale Professor Into an Enemy of the Russian State

©2022 Bloomberg L.P.