Sony says PlayStation 3 sales better than expected

Tretton's comments echo other industry players who suggest that the $22 billion video game industry may be relatively shielded from the economy's troubles. Specifically, he says that multimedia devices like the PS3 and PSP have multiple uses and therefore can be enjoyed by members of an entire family, not just game players.

"I think people are going to question every dollar that they spend, but they are going to look for value in return, he said. "The entertainment value ... with PlayStation 3 compares very favorably to other entertainment choices."

That optimism hasn't protected Sony's shares from declining sharply as economic concerns grow. Sony shares trading on the New York Stock Exchange have declined some 20 percent in the past month.

The stock's decline was hastened by Wall Street analysts downgrades in mid-September, due to concerns over the outlook for Sony's over major electronics operations, including its flat TV, mobile phone and digital camera businesses.

(Reporting by Franklin Paul; Editing by Gary Hill)