With today's price cut, the company hopes to expand its U.S. Sony so far has shipped 30 million PlayStation 2 units worldwide and 7.9 million in the U.S. Sales are expected to continue to rise for the next few years as more people buy the new consoles. Console games made up the bulk of those sales, hitting $4.6 billion, a 10 percent jump from 2000.
PLAYSTATION 2 VIDEO GAMES 2002 SOFTWARE
Sales of computer and video games were up 7.9 percent to $6.35 billion, according to the Interactive Digital Software Association, the industry's trade group. So far, the competition does not appear to have splintered the market, but enhanced it. Instead of the traditional race between two major hardware manufacturers - Sony and Nintendo - there now are three. The gaming industry has become hyper-competitive in the past six months. McNealy, research director at GardnerG2, said last week. "If Sony goes to $199, it will show that they're really, really concerned about Microsoft," P.J. At least one analyst says the cuts underline how seriously Sony is taking the Xbox's threat to the PS2's dominance of the console marketplace.
PLAYSTATION 2 VIDEO GAMES 2002 PS2
Many had speculated the company would lower the price of the PS2 to $249, letting it maintain a higher profit margin while giving Sony the chance to monitor the success of the expected reduction by Microsoft ( MSFT: down $0.27 to $55.47, Research, Estimates). Still, the depth of Sony's cut is somewhat surprising. "We're at a point where we're hitting a wall where people aren't willing to pay that." "Never in history have we seen as many people buy a newly released video game platform at the initial price," said John Taylor, managing director and analyst for Arcadia Investment Corp. As such, most analysts expected Sony to reduce prices at E3. The PS2 is far and away the leader in the console marketplace with a 10-to-1 advantage over Microsoft's Xbox, but it's also a year older than its competitors. Nintendo yesterday told CNN/Money it has no plans to lower the price of its Gamecube console and join the price war. The PS2 price cut pre-empts an expected similar announcement by Microsoft early next week at the Electronic Entertainment Expo (E3), the annual trade show of the gaming industry. The company also cut the price of its PS1 console, the original PlayStation, from $99 to $49. NEW YORK (CNN/Money) - Sony has launched a price war in the video game industry, reducing the price of its PlayStation 2 by one-third to $199 effective immediately. Pre-emptive move undercuts competition and could spark video game price war To learn more about how and for what purposes Amazon uses personal information (such as Amazon Store order history), please visit our Privacy Notice.Sony cuts PlayStation 2 prices - May.
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