Only the Xbox leadership and its ambassadors are trying to use propaganda to create the impression that consoles have a problem that they don't have.
On the surface, from a business perspective, looks like everything is going well and normal for Playstation. (quantity and quality of games /gaming events and ... other topics are excluded from this discussion)
https://sonyinteractive.com/en/our-company/business-data-sales/
The ps5 was well behind the ps4 with 5.6 million units until the end of 2022 (Q3 FY2022). In the first 14 months, ps5 was already well behind ps4 (~end of september Q2 FY2021). The sales figures show that they have lost great potential there because the lockdowns have significantly boosted the gaming market. Q1 2023 (Q4 FY2022), sales figures exploded even though the lockdowns ended in most countries worldwide in 2022 already.
Game sales, on the other hand, rose significantly during the lockdowns and have now fallen back to where they were before
The Playstation is doing well to very well, considering the shortcomings in price, the supply shortages and the delays in video games during the lockdowns. Nintendo is doing phenomenally well, and the PC is also doing very well and growing step by step, Mobile gaming is huge. The only platform that is dying is Xbox. No one else.
If Playstation doesn't grow, it shouldn't be a problem, it's still a significant market where people spend a lot of money. If your game is good and costs 400$ mil to make, you'll recoup that money, see Elden Ring, see GOW Ragnorak and and and. If youre games sucks then that's your problem, the Playstation user base is big enough for expensive games.
It's that simple.