A start-up called Zeebo Inc. thinks that people in emerging markets like Brazil, India, Russia, China, and Eastern Europe want to play good and amazing video games just as much as people in the US, Western Europe, and Japan do. But unfortunately, people in these places can’t really afford to buy the latest devices like the PS3, Microsoft Xbox 360, or Nintendo Wii. So, Zeebo has created its own version of a budget gaming console which they say is intended for “the next billion.” Zeebo plans to launch this gaming console in Brazil next month for $199 and in other countries later this year for $179.

The Zeebo gaming console is light and a bit larger than the Nintendo Wii and it does not have a game-disc feature. So instead of playing video games on discs, the Zeebo will use digitally downloaded games – distributed through the cell phone networks that players don’t even have to subscribe to. The console by the way, will come pre-installed with four titles as well as one free download, no details have been issued as to what those games will be though.

“The console is not meant to directly compete with the latest and powerful devices mentioned above, rather, it is intended for consumers who generally could not afford the latest high-end consoles, or the games published for them,” said Zeebo CEO – John F. Rizzo. “The Zeebo console will deliver a truly engaging and entertaining gaming experience to a potential billion new consumers around the world,” he added. Next year, the company plans to drop the price of the console to $149.

Well since there’s no Zeebo yet, why don’t you settle for bargain gaming consoles here in bid4rares for now?