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Sony CEO: Price of PS3 is high.

Sony Corp chairman Howard Stringer admitted that his company took a gamble with the high price of its new PlayStation 3 (PS3) game console, but predicted that the product will still trump its rivals.

Stringer also expressed confidence that the next-generation Blu-ray high definition DVD technology, which Sony is pushing against a rival format, is winning over heavyweight Hollywood movie studios.

'The price of the PS3 is high,' Stringer told a press conference, 'but you're paying for potential.'

He explained: 'Obviously, it's a higher-risk strategy -- as all new inventions are -- but if the PS3 lives up to its total potential, then I don't think anyone will be worried about Nintendo or Xbox's cheaper price.'

Last month, Sony set a price tag for the standard PS3 of 499 usd in the US and 62,790 yen here -- far higher than Microsoft Corp's rival Xbox 360, which starts at 299 usd in the US.

As for high-definition DVD technology, Stringer said film-makers, who could ultimately decide the outcome of the format contest, are 'beginning to sense, in Blu-ray, that the pendulum is swinging and swinging for a clear reason.'

He said studios now increasingly realize they need the higher memory capacity offered by Blu-ray.

'Do you go for a cheaper transitional [product], or do you take a chance on future-proof, higher technology which will keep you going for many, many years?' he asked.

Posted by Ed on June 26.

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