Sony has agreed to form two joint ventures with Shanghai Oriental Pearl (owners of this massive tower) to start making and selling PlayStation consoles in China. Now, if the size of that tower is anything to go by, Sony seems to have found the right partner as they look to compete with Microsoft for a slice of the roughly $10 billion pie that is the Chinese gaming market. Both companies have been looking to establish themselves in the area after the nation lifted a 14-year ban on most gaming consoles earlier this year.
China’s gaming market, which is currently dominated by PC, mobile and online games, is seen as a key growth area for console makers and both Sony and Microsoft will be looking to gain access to an estimated 500 million gamers in the country.
In a statement to the Shanghai Stock Exchange, an executive from Shanghai Oriental Pearl said: “The joint venture will be based on the relevant state policies and will introduce quality and healthy video games that will adhere to China’s national conditions as well as the tastes of Chinese gamers. Sony will also co-operate with domestic game development teams to promote original products on PlayStation platform, while further improving the Chinese gaming industry.”
Sony’s announcement comes nearly one month after rival Microsoft said its Xbox One game console will go on sale in China in September. Microsoft will launch the console in collaboration with BesTV New Media, a subsidiary of the Shanghai Media Group. However, Microsoft must now surely be asking themselves if their partner owns any towers of comparable size to that of the magnificent Oriental Pearl Tower: