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Panasonic Developing Video Game Console

October 7, 2010

According to a report released Thursday, Panasonic is developing a new handheld gaming console.

Dow Jones Newswires reported that the new device will challenge traditional console makers Nintendo and Sony and a growing set of smartphones and tablet computers that play games.

The report said the device is called the “Jungle,” and other sources have confirmed the device was a game machine.

The website welcometo.thejungle.com shows a promotional video of a flip screen device.

Nintendo’s DS and Sony’s PlayStation Portable, as well as cheap games on mobile phones, dominate the game console market.

Nintendo announced a new handheld console known as 3DS that will be released during the holiday shopping season.

Panasonic released a home console in the early 1990s called the 3DO Interactive Multiplayer.  However, the machine never took on much market share because the price tag was $700 and considered too expensive.

Panasonic has recently shifted its focus from home electronics to the fast-growing and lucrative renewable energy and energy conservation business.

The company said on Thursday that it completed tender offers to raise its holdings in green energy related subsidiaries Sanyo and Panasonic Electric Works to over 80 percent.

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