Posts Tagged ‘video games’
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.”
Read the rest of this entry »