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PS3 Ups Its Game

25 Jun, 2007 By: Chris Tribbey

The Playstation 3 is feeling the heat from Nintendo's Wii console.

Sony Corp. CEO Howard Singer announced at the company's annual shareholders' meeting that as many as 380 new PS3 games, in stores and online, will be available to gamers by the end of the year, according to Reuters.

On June 25, Nintendo's total market stock value briefly passed Sony's, to rank among the top 10 most valuable Japanese companies. Nintendo finished the day ranked 11th, right behind Sony.

There are more than 100 PS3 games currently available, both on store shelves and online. But with an SRP half that of PS3, the Wii outsold its competitors in the United States for a fifth straight month in May, selling 338,000 units, compared to 82,000 PS3s and 155,000 Xbox 360s, according to market research firm The NPD Group.

“PlayStation 3 going forward will be vital to our future and we'll succeed,” said Stringer. “Attractive game software is the key to accelerate PS3 growth over the next year.”

The news comes two weeks after Sony laid off roughly 100 employees in its U.S. gaming offices. The May 16 Sony earnings report for the fiscal year, ending March 31, showed a nearly $2 billion loss in the gaming division. The losses were attributed to “the sale of [PlayStation 3] at strategic price points lower than its production costs during the introductory period, as well as the recording of other charges in association with preparation for the launch of the PS3 platform.”

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