It was Philips Industries, a Dutch-based electronics giant (known in the music world as owner of the PolyGram labels), that made the first announcement, on May 17, 1978. Working with Japan's Sony Corporation, Philips announced that they would have a marketable compact disc and appropriate hardware ready "in the early 1980s." That promise was kept on October 1, 1982, when the compact disc was introduced in Japan by CBS/Sony, with 112 different CD titles and a CD player (Sony's CDP-101).
The last few months of 1982 were hectic, with Sony selling over 20,000 CD players and Hitachi also posting sales in the 6,000 per month range for their player. Prices for these initial players ran from about $700 to about $1000. The discs themselves, priced at about $15-20, could not be pressed fast enough to meet demand. Sony's research on who was buying the discs in Japan indicated it was young (20s, early 30s) men with a particular interest in sound quality. Perhaps it was this research that led others to believe, as the rest of the world looked on in curiosity to what was happening in Japan, that CDs would fill a niche for high quality sound enthusiasts and little else. By the end of 1982, CBS/Sony and Epic/Sony had issued 122 CD titles.