Sony (SNE.NYSE, 6758.TYO) has agreed to form two ventures with Shanghai Oriental Pearl Group to start producing and selling PlayStation consoles in China, Bloomberg reported. China lifted a 13-year ban on sales of gaming machines earlier this year. Sony will have a 70% stake in one venture and 49% in the other, allowing the Japanese firm access to a market that PricewaterhouseCoopers forecasts will be worth US$10 billion next year. Console makers face an uphill slog against piracy and changing consumer behavior, as gamers increasingly migrate to mobile devices and free online games.
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