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Sony plans to sell PlayStation consoles in FTZ
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Sony Corp's PlayStation, the world's most popular game console, will debut on the Chinese mainland after the Japanese company announced yesterday it will establish joint ventures with Shanghai Oriental Pearl Group to sell the device.
PlayStation and Microsoft's Xbox One, which will debut in September, are expected to create a huge video game market in the mainland, where console sales have been banned for more than a decade.
Sony plans to form two ventures with Shanghai Oriental Pearl, owner of Shanghai Oriental Pearl TV Tower, in the free trade zone to start making and selling PlayStation consoles. The total registered capital of the two joint ventures was 53.8 million yuan (US$8.8 million). Sony will have a 70 percent stake in one venture and 49 percent in the other, according to a statement filed by Shanghai-listed Oriental Pearl to the Shanghai Stock Exchange.
"We will penetrate into the video game market in China and introduce China-developed game titles on PlayStation," Oriental Pearl said in the statement.
Sales of Sony's PlayStation 4 have hit more than 7 million units globally, followed by Microsoft XBox One's 5 million.
China's video-game industry will generate about US$10 billion in sales next year, according to PricewaterhouseCoopers.
Foreign console makers had been forbidden to sell the devices in the domestic market for about 13 years as Chinese officials feared they would have a negative influence on children.
In September, Shanghai inaugurated a free trade zone with more relaxed financial and investment controls to boost the economy, including allowing game console sales.
Nintendo president Satoru Iwata said the Japanese video-game company plans to expand in emerging markets including China with new devices starting next year.
Console makers will face copyright problems in China, where pirated copies of video games are easy to get.
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