07:46 AM EDT, 03/18/2024 (MT Newswires) -- Sony Group ( SONY ) has halted production of its $550 PlayStation VR2 headset over poor sales and mounting inventory, Bloomberg News reported, citing people familiar with the matter.

The wearable virtual reality accessory for Sony's ( SONY ) PlayStation 5 has suffered steadily declining sales, said the people and data tracking firms, according to Bloomberg. Sony ( SONY ) produced more than 2 million units of the headset since its February 2023 launch, Bloomberg said.

The Japanese electronics and media conglomerate said last month it plans to shutter its virtual-reality-focused PlayStation London division.

Bloomberg cited experts as saying the high price of virtual reality hardware and a low number of games contribute to slowing sales.

Sony ( SONY ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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