Sony Corp. is boosting the price of its PlayStation Plus service weeks before the company is expected to unveil two new versions of its flagship videogame console.

PlayStation Plus combines discounts, exclusive access to demos and free back-catalog games with services such as cloud storage and Sony's online multiplayer network.

Such loyalty programs are crucial at providing videogame companies a revenue stream beyond selling hardware and individual games. It also helps build a community of gamers less likely to switch to a rival system. In June, Sony said PlayStation Plus had nearly 21 million members. Microsoft Corp. offers a similar membership service called Xbox Live.

The price increase, slated for the U.S. and Canada, is the first since PlayStation Plus launched in 2010. Beginning Sept. 22, an annual subscription for U.S. customers will rise 20% to $59.99, while a three-month membership will jump nearly 40% to $24.99. One-month plans will stay at $9.99.

Sony declined to comment. In a blog post, the company said the new pricing reflects current market conditions.

Sony has sold more than 40 million PlayStation 4 machines to date, far eclipsing the sales of rival consoles from Microsoft and Nintendo Co.

Sony is expected on Sept. 7 to introduce a slimmer and less-expensive PlayStation model, as well as a previously announced high-end version to handle virtual reality and 4K content. In October, the company is planning to release a VR headset.

Write to Sarah E. Needleman at sarah.needleman@wsj.com

(END) Dow Jones Newswires

August 23, 2016 13:25 ET (17:25 GMT)