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There are a lots of ways they could structure the pricing model for this and If I was in Sony's shoes I would offer all of them.

First you have a 'free access for all' level with free trials of games, maybe a few free older games and a price per timed consumption for everything else (this lets people try out the service without a commitment and would act as a sort of foot in the door to help grow the platform's exposure)

Next you offer a super cheap plan with a low monthly fee which offers unlimited rentals of a few specific games which change per month, plus members at this level get a slightly reduced price for timed consumption for all the other games

And last of all an 'all you can eat' unlimited monthly service plan which has a bunch of perks like early access to newer games being added to the service, etc..

Then you sit back and let the pricing work it's self out naturally