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Found 3 results

  1. Jordan Haygood

    A Wii U Price Cut is Not in the Cards

    After Nintendo's recent financial report, which showed an overall profit but an operational loss, company president Satoru Iwata wanted to make one thing abundantly clear: there are no price cuts planned for the console. During a briefing following the announcement of their financial results, Iwata addressed certain issues regarding his company. The Wii U was brought up a lot during that briefing, with Iwata presenting data showing an initial burst of momentum for the console, followed by a rapid loss of momentum. For this reason, Nintendo has changed their forecast, predicting just one million worldwide sales from January to the end of March. You will no doubt remember that Nintendo's current handheld, the Nintendo 3DS, received a price cut due to poor sales very soon after its initial release. The Wii U, however, will not be receiving such a price cut anytime soon. Iwata stated that the console's value needed enhancements from the upcoming system updates, along with games, and that they need to actually convince more consumers why they should want one instead of lowering the price. Here is a full statement from Iwata: "While it was pointed out that, unlike in the case of Wii, it was difficult to instantly understand the appeal of Wii U, those who purchased it, although there are issues to be addressed, have shown a certain degree of satisfaction with our product value, but since its value by nature is something that takes time to appreciate and hence cannot be spread amongst society instantly, we have yet to communicate its value to the wider public. To put it another way, we delivered Wii U to those consumers who we thought would be the first to buy it, but information has not successfully been passed on to those consumers who we think will be the next people to buy it. This must be one big factor with which Wii U could not maintain its momentum. "People always try to compare the sales of Wii U with that of Wii, but the current situation is requiring us to focus upon how to reenergize Wii U sales irrespective of any comparisons with the previous platforms. "With Wii U, we have taken a rather resolute stance in pricing it below its manufacturing cost, so we are not planning to perform a markdown. I would like to make this point absolutely clear. We are putting our lessons from Nintendo 3DS to good use, as I have already publicly stated. However, given that it has now become clear that we have not yet fully communicated the value of our product, we will try to do so before the software lineup is enhanced and at the same time work to enrich the software lineup which could make consumers understand the appeal of Wii U." After Nintendo cut the price for the 3DS, the company suffered quite a bit financially, with employees cutting their salary to accommodate, including Iwata himself. This is a testament to its pricey financial cost, and with the current price of the Wii U being lower than its manufacturing cost, refusing a price cut is more than understandable. Once the console receives a more impressive software line-up and some system-enhancing updates, more people are bound to see the true beauty of the console. What do you think about all this? Source: Nintendo Life
  2. Jordan Haygood

    Atari, Inc. Files for Bankruptcy

    Over the past few years, Atari has been having some serious money troubles. Even after releasing an updated version of their classic video game Pong and a "greatest hits" compilation of their biggest arcade titles to date, Atari's revenue has been groundrocketing - with the 2012 fiscal year seeing a 34% loss and the 2011 fiscal year seeing a 43% loss. Their yearly profits haven't been very good either, with the company having only earned $11 million in 2012 and $4 million in 2011. And it's due to their financial struggle that Atari S.A.'s U.S. subsidiary, Atari, Inc., has just filed for Chapter 11 Bankruptcy in U.S. Bankruptcy Court in New York late Sunday, according to the L.A. Times.The company, as well as three of its affiliates, filed petitions for Chapter 11 reorganization in an effort to break free from the shackles of debt their French parent company has acquired. The company's intention, so says a source close to the L.A. Times, is to go on after the bankruptcy goes through, hopefully reemerging with its own resources and with little of the debt of its parent company, to find a buyer who will take the company private and grow as a business that focuses more on digital and mobile platforms. One big reason for Atari taking a big financial hit is thanks to London financial company BlueBay Asset Management, which they relied heavily on for money. After a $28-million credit facility with BlueBay lapsed on Dec. 31, Atari was left without the resources to release games they were working on. And with all that happening, along with shares in Atari S.A. dropping in value from more than 11 Euros in 2008 to less than 1 Euro, it was only a matter of time before the child companies tried breaking away.
  3. Jordan Haygood

    Sony Sells Its U.S. Headquarters

    It's no secret that Sony has been taking a financial hit from its PlayStation business in recent years, and now it seems that the company plans on making a pretty big business decision to make things right again. In order to make a financial turnaround, Sony has decided to sell their U.S. headquarters in New York to commercial property firm Chetrit Group for $1.1 billion. When all is said and done and all debts paid off, the company will be receiving around $770 million from the sale. But don't go thinking this sale spells doom for Sony, because the company's New York employees will still be working under that same roof for up to three more years. This sale was necessary, due to Sony's four years of losses, and the company is estimating the outcome of the sale in the long run, predicting a profit of around $223 for the fiscal year. The sale is said to close in March. Source: IGN
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