In early 2005, the company introduced the popular PlayStation 3 with a processing power two times powerful than that of Microsoft’s Xbox 360, the most significant rival at the time. In 2000, Sony launched the famous PlayStation 2 (PS2), which was accompanied by a similarly popular hand held PlayStation Portable (PSP) in 2003, even though PSP was not as successful as previous Sony’s home consoles. By 2005, the PlayStation had become the most popular console with unit sales exceeding a million and about 7,000 game products. Sony developed partnership with more than 160 software-developing companies in Japan. The PlayStation console offered developers incentives like higher margins and advanced development tools. Then, it launched the PlayStation console in 1995 when Nintendo failed to introduce technologies with better gaming experiences. In the 1980s and early 1990s, Sony entered into the video gaming market as a supplier of components to the Nintendo Entertainment System (NES) home console. On the other hand, Sony stuck to Betamax, which provided higher definition video but with a shorter recording time. However, due to the company’s policy on protection of intellectual property rights, the reluctance to license its technology to competitors, it lost its market share to inferior technologies.Ĭompetitors like JVC were able to win more customers with their VHS video tape that had poorer quality with longer recording time which apparently, the customers preferred. The company’s long history of innovativeness resulted in brands like Trinitron, Betamax and Walkman. It later expanded to other home entertainment devices like televisions. Sony had become the leader in producing radios for consumers by 1950.
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