Media and Money

Posts Tagged ‘Sony

Nintendo and Sony, the two largest makers of game consoles, are facing pressure from game publishers and retailers to lower prices on game consoles like PlayStation 3 to maintain during the economic recession.

Bloomberg.com says Sony Chief Executive Officer Howard Stringer and Nintendo President Satoru Iwata have spurned calls by game publishers and retailers to cut prices as the global recession drives down consumer spending. The stronger yen is also eroding earnings at Japanese electronics makers, making them less competitive relative to overseas rivals such as Samsung Electronics Co.

“Sony and Nintendo need to cut prices for the PlayStation and the Wii or those products won’t sell,” said Mitsushige Akino, who oversees the equivalent of $631 million at Tokyo- based Ichiyoshi Investment Management Co. “Investors are fearful consumers will cut spending even further.”
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Rupert Murdoch, News Corp CEO walks outside the during the Sun Valley media conference in Idaho July 9, 2009.

Rupert Murdoch, News Corp CEO walks outside the during the Sun Valley media conference in Idaho July 9, 2009.


I am starting to wonder what will come from this year’s Allen and Co.’s annual media summit. What progress-if any- has been made that will create opportunities for media professionals across this country? The following statements from the top media CEOs strengthens my call to action that if the top media executives can’t figure how their companies will emerge from this recession, it is time for the next generation of media professionals and companies to step up to the challenge.

Here are some of the responses from the top industry execs on the Sun Valley media summit:
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