He's not wrong, these are things that have been talked about before. As Spencer states the problem with the console industry as a whole: it's not growing in users and hasn't significantly grown since the PS3 era. The Xbox Series is selling worst than Xbox 1, the PS5 struggled to sell thanks to the pandemic and yet despite that people are somehow not upgrading to a PS5 in drives as the PS5 is expected to sell less than PS4. Where did all those gamers go? In a recent interview Spencer said they are moving from consoles to mobile handheld devices like phones and to PC. Those people not buying Xbox Series consoles should be buying PS5s instead which would mean the PS5 market share would grow over the PS4 since the Xbox One had a larger market share than the Series, yet PS5 sales aren't growing to reflect that. But you know what is growing in users: mobile and PC. For console gaming investment this is a big problem.
Https://www.pushsquare.com/news/202...over-108-million-ps5-consoles-this-generation "Sony CEO Jim Ryan is feeling bullish about PS5 sales now that the COVID-induced supply slump is over, and the plucky little box can actually be found on store shelves. The Sony bigwig says he expects the PS5 to breach 108 million units sold over the course of its lifetime. Considering Sony needs to sell an additional 70 million PS5s in order to make that happen, that's some pretty tough talk."
That's 108 million less than the PS4s 117mil and here's some context that number was provided when Sony was feeling bullish about future PS5 sales so they set some good sales targets and aggressively discounted and promoted the PS5 since then to reach them. Well guess what in a recent financial call they announced they failed to meet their targets and came to the conclusion that PS5 sales are winding down. If they thought 108 mil was the lifetime target when they were bullish, imagine now. In terms of new blood (more users) the market is not growing, it's actually shrinking. Nothing like this has happened before in the last 20 years and this will affect how much money is invested into consoles of the future.