Reuters is reporting that Toshiba will be giving up on it’s high definition format, HD-DVD soon. Halting production of all related equipment, the firm will be facing colossal losses, but the biggest thing it will lose it’s face to Sony, who has been the strongest backer of the rival format Blu-Ray.

This is actually great news for consumers who will finally be able to make a purchase into the High definition video playback world without having to worry about their devices becoming outdated too early. And for those worrying about the prices going higher because of ‘lack of competition’, you are forgetting that with a winner now, a lot of electronic manufacturers will start producing the devices essentially driving prices downwards. And the prices of media will drop soon too to increase adoption among consumers