Sony Corporation Chairman Howard Stringer has conceded that the PlayStation 3 was on “life support” as a result of the machine’s shaky start, with high development costs proving nearly "catastrophic” for the Japanese electronics giant.
Speaking during The Wall Street Journal's D: All Things Digital Conference yesterday, Stringer noted that things have started to pick up for the company with prices coming down and software turning over profit for the platform holder.
He observed that upcoming titles would use the "full capacity" of the PS3, assuring they would look "spectacular."
Stringer also remarked that a direct reference to "Betamax 2” would have been engraved on his tombstone, had the company lost the high definition format war against Toshiba’s HD-DVD disc.
However, he denied that Sony ultimately won the battle as a result of paying movie studios the most money, adding, "We were not in the check-writing competition.”