According to an AFP news service report, Sony chairman and CEO Sir Howard Stringer has commented again on the controversial pricing of the PlayStation 3, admitting that it is a gamble for the company, but defending the next-gen console's 'potential'. "The price of the PS3 is high ... but you're paying for potential," Stringer told a Tokyo press conference to mark his first year in office. "Obviously, it's a higher-risk strategy as all new inventions are but if the PS3 lives up to its total potential, then I don't think anyone will be worried about Nintendo or Xbox's cheaper price." During its pre-E3 media briefing, Sony announced that the PlayStation 3 would be available in $499 or $599 models on its worldwide release this November, a figure which is significantly more than Xbox 360's two $299/$399 bundles and Nintendo's currently unknown but presumed $250 or below Wii pricing. Referring to the new Blu-ray next generation disc format, which will be used for the first time in the PlayStation 3, Stringer commented, "When you bring into new technology, do you go for a cheaper transitional [product], or do you take a chance on future-proof, higher technology which will keep you going for many, many years?" With the PlayStation brand continuing to be one of Sony’s most profitable and reliable products, the success of the PlayStation 3 and of Blu-ray is seen as crucial to the future of the whole of Sony Corp, especially important as the company's shareholders are concerned over recent price instabilities in Sony's stock.