From Circana analyst Matt Piscatella’s BlueSky account:
PlayStation 5 Pro accounted for 19% of total PlayStation 5 units sold in the month and 28% of dollars. Launch month dollar sales of PlayStation 5 Pro were more than 50% higher than the November 2016 launch month sales of PlayStation 4 Pro, while units were 12% lower.
It seems the model of subsidized hardware is coming to an end.
New semiconductor fab nodes are becoming more and more expensive. And on the flip side improvements in graphics are becoming more computationally difficult while being less substantial compared to earlier console generations.
PC gaming has also somewhat revitalised over the past ~10 years and more and more PCs are benefiting from “good enough” iGPUs (10 years ago even top iGPUs could not be used for even more moderately demanding games).