Microsoft was one of the last of the major hold-outs.
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Microsoft says that the price of first-party titles released in 2023 will move from $60 to $70 (USD). This is specifically for games built for the Xbox Series X|S and includes titles such as Starfield, Redfall, and the upcoming Forza Motorsport. Microsoft is one of the last of the major studios to hold off on raising the prices of their first-party titles to $70. Sony started pushing the new $70 norm about two years ago. Other studios such as Ubisoft, Square Enix, and Take-Two Interactive have also moved to $70.

As of right now, this increase in the price of software is not also translating into an increase in the price of the Xbox hardware. If there is a price increase on that coming, Microsoft hasn't announced it yet. Sony already increased the price of the PlayStation 5 in August of this year for most global markets outside of North America. Nintendo has previously stated that they are considering raising the price of the Switch in the future, but has not yet done so.

Microsoft seems to have remained rather steadfast in this reluctance to increase prices anywhere up through at least September of this year. The company said that they had no plans to increase pricing when word came out about the price increases being made to the PlayStation 5. In October, Microsoft's tone shifted slightly. Xbox head Phil Spencer said this in an October release of WSJ Live.

"I do think at some point we'll have to raise the prices on certain things, but going into this holiday we thought it was important to maintain the prices," Spencer said. "We've held price on our console, we've held price on games, and our subscription. I don't think we'll be able to do that forever. I do think at some point we'll have to raise some prices on certain things."
At present, the price of the Xbox Series X is $500, while the Xbox Series S tends to start at $240.