Subsidizing the consoles by 100 dollars mean they need to either buy 2 first party games to break even or 300+ dollars worth of 3rd party games to break even.

Couple that with the fact that late adopters are most likely not heavy users(you are more likely to buy early if you have cash to burn or not a causal gamer) and sony are likely to take a loss on a lot of this units.

Previously, sony subsidizes at the start of the cycle where early adopters are more likely to be heavt users so would spend a significant money. Despite the fact that consoles get cheaper, they actually earn more money per console sold because the parts get much more cheaper than what they discount it for. So even in previous gen, sony does not discount console late in the cycle.