"The type of growth we're experiencing in Latin America, you don't see it anywhere else in the world right now," Sony's Mark Stanley told IndustryGamers. "That's key for the company as SCEI, as a global company. We've only begun to tap into the full potential in the region. Our sales and our growth continues to double and double."
The games industry has historically focused on the business of North America, Europe and Asia. However, with the global economic downturn affecting game sales all around the world, Latin America offers an enticing opportunity for Sony. "Talking about the pure economics, Latin America is very healthy and in a very healthy state right now ... This year Latin America was in a growth stage, where in the U.S. we're still recovering from that economic impact." As such, Stanley points out that "purchasing intent" has increased significantly in many emerging markets.
The average annual income in Latin America is still under $4,000, according to Stanley's own estimates, meaning the economy still has a ways to go before a product like the PS3 is accessible to the masses, and not just the affluent. Still, it appears Sony's focused marketing efforts are paying off. "The big advantage we have is our brand is synonymous with entertainment ... We've been able to successfully leverage that with the quality of PlayStation and been able to get even some of that percentage of the population that would not have traditionally spent on an entertainment device; we've been able to get those consumers on board, because they see the overall family entertainment value." As the PlayStation brand continues to draw awareness, and as the Latin American economy continues to grow, Sony might be able to reap the rewards of dominating a whole new gaming territory.
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