Sony Considering Lowering Price Of PlayStation 3

Electronic giant Sony is intensely considering lowering the price of the PlayStation 3 video game console.

Electronic giant Sony is intensely considering lowering the price of the PlayStation 3 video game console, since it is obvious that consumers consider it to be too expensive, said the company’s chief executive on Friday. 

Howard Stringer told the London Financial Times that they are currently trying to determine how much they should and could lower the price of the PS3. 

Stringer admits that Sony is faced with tough competition from the Nintendo Wii game console, which has chalked better sales than the PS3 and it is cheaper. 

“Nintendo Wii has been a successful enterprise, and a very good business model, compared with ours,” he said, adding that there is no question that consumers want the product to be cheaper.

Sony cut the price of the PS3 in Japan by 20 percent before launching the product on the Japanese market last November, anticipating strong competition from the rivalling Microsoft and Nintendo. However, even after this, the PS3 remains the most expensive of the three main video game consoles of the next generation that are available on the market. Consequently, many analysts warn that Sony will have to decide to additionally reduce the prices. 

Sony’s video game department suffered huge operational losses last year and is expected to stay in the red this year as well. PS3’s success is considered to be crucial for the recovery of the Japanese giant, that is currently undergoing large-scale restructuring with the first foreign boss Stringer at the helm.