Console strategy puts 500 million potential users within reach and follows Microsoft's move to China a month ago.

There's likely rejoicing going on among the Chinese gaming community given Sony is launching its Play Station console in China. It's a ripe lucrative marketplace boasting 500 million gaming enthusiasts, and as reports note, it comes shortly after Microsoft made a smiliar announcement a month ago.

The mega Japanese electronics maker has inked an agreement with Shanghai Oriental Pear to make and sell the consoles.

Sony's product move comes after China's government revoked a 14-year ban on consoles this past January.

According to market research from PricewaterhouseCoopers the China video game industry is $10 billion

The Chinese government lifted a ban on the sale of gaming consoles in the country which was imposed in the year 2000. In January this year the government said it will allow foreign firms to cater to the demand for the devices regarded they are manufactured in the China.

Research firm PriceWaterhouseCoopers estimates China's video game industry will clock in a cool $10 billion in sales next year.

 Microsoft will start making the Xbox One in China and plans to sell the console in the country starting early Fall.

A report claims Nintendo will launch "new hardware" in emerging markets like China starting next year.

According to the Wall Street Journal Sony may face its sixth annual loss in seven years and announced it will sell its PC business.