March 1, 2011
Panasonic Drops Handheld Gaming Device
Consumer electronics giant Panasonic Corp. released a statement on Tuesday saying it had dropped development of a handheld online gaming device that had been code named "Jungle," Reuters is reporting.
The initial plan to enter the handheld gaming market surprised industry watchers as Panasonic withdrew from the games industry more than a decade ago and most analysts saw a new gaming platform having little chance of competing against gaming powerhouses such as Microsoft, Nintendo and Sony.Equally puzzling was the project appeared to run counter to Panasonic President Fumio Ohtsubo's strategy of pursuing growth in areas of environmental technology and healthcare. "Panasonic decided to suspend further development due to changes in the market and in our own strategic direction," the company said in a statement.
Panasonic Cloud Entertainment, a new US subsidiary of Panasonic was established to launch the game project, technology blog TechCrunch said last year.
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