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85% of full game downloads were digital on the PS Store in Q4 FY 2025. HOWEVER...

Only 69% of games that came as a physical copy were true physical copies with the full game on the disk. People that prefer physical games absolutely will not buy something that is a code on a disk. That pushes the digital sales ratio for those games higher than it would naturally be. And out of those, many had severely restricted physical releases that required a lengthy pre-order and wait from a company like Limited Run Games. Many people would prefer to just buy an Indie game digitally than buy it physically if the wait is so damn long. If they put Indie games in stores or made it less of a wait then people would buy more physical games. In other words Sony and other big corporations have been putting their thumb on the physical vs digital ratio scale for a decade. Then they go ahead and claim "consumers have chosen digital", when it's often flat out not a choice. If you release a game with only 100,000 physical copies and it's not immediately available in stores, then yeah people are going to buy a digital copy. If you release a game as a 1 MB stub that calls home to the internet then yeah, people that don't like digital games won't buy that physical copy either.

TL/DR: If games were readily available in stores with REAL physical copies the ratio of digital to physical would be much more in physical's favor. Sony rigged the results in their own interest.