Howard Stringer, CEO of Sony, acknowledged that there's one thing consumers want that his company's PlayStation 3 doesn't offer: a low price. The console is the most expensive of the three most popular gaming consoles on the market. Competitors include Microsoft's Xbox 360 and Nintendo's Wii, which is the sales leader with the lowest price point.
Xinhua Financial News | 06/15/07
Sony (NYSE: SNE) Latest News about Sony chief executive Howard Stringer says his company is trying to decide by how much it will cut the price of its PlayStation 3 Latest News about PlayStation 3 (PS3) video game console, which consumers want reduced, the Financial Times reported.
"That is what we are studying at the moment. That's what we are trying to refine," the newspaper quoted Stringer as saying.
Buyers Want Cheap
Stringer admitted that Sony faced tough competition from rival Nintendo's Latest News about Nintendo Wii Latest News about Wii video game console, which has been selling better the PS3 and has a lower price.
"Nintendo Wii has been a successful enterprise, and a very good business model, compared with ours," Stringer said, "because it's cheaper."
He added that there was no question that consumers wanted a lower price.
Sony slashed the price of the PS3 by 20 percent in Japan before it was launched there in November, preparing for a fierce fight against cheaper games consoles made by Nintendo and Microsoft (Nasdaq: MSFT) Latest News about Microsoft.
Priciest of the Bunch
Even so, the PS3 is still by far the most expensive of the three main video game consoles on the market, and many analysts say Sony will need to lower the price further.
Sony's video game division suffered a huge operating loss in the fiscal year ended last March and is expected to remain in the red this year.
Xinhua Financial News | 06/15/07
Sony (NYSE: SNE) Latest News about Sony chief executive Howard Stringer says his company is trying to decide by how much it will cut the price of its PlayStation 3 Latest News about PlayStation 3 (PS3) video game console, which consumers want reduced, the Financial Times reported.
"That is what we are studying at the moment. That's what we are trying to refine," the newspaper quoted Stringer as saying.
Buyers Want Cheap
Stringer admitted that Sony faced tough competition from rival Nintendo's Latest News about Nintendo Wii Latest News about Wii video game console, which has been selling better the PS3 and has a lower price.
"Nintendo Wii has been a successful enterprise, and a very good business model, compared with ours," Stringer said, "because it's cheaper."
He added that there was no question that consumers wanted a lower price.
Sony slashed the price of the PS3 by 20 percent in Japan before it was launched there in November, preparing for a fierce fight against cheaper games consoles made by Nintendo and Microsoft (Nasdaq: MSFT) Latest News about Microsoft.
Priciest of the Bunch
Even so, the PS3 is still by far the most expensive of the three main video game consoles on the market, and many analysts say Sony will need to lower the price further.
Sony's video game division suffered a huge operating loss in the fiscal year ended last March and is expected to remain in the red this year.
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