Sony PlayStation 3 Gets $50 Price Cut Worldwide

Sony announced today that its PlayStation 3 gaming console would get a price cut of $50 worldwide. This price reduction would bring its 160GB model down to $250 and the 320GB model down to $300. And, you don't have to wait until the holiday season to take advantage of this deal, the price cut is taking effect immediately.

The early price cut will hopefully give the PS3 a head start on competitors for the holiday season. With its Blu-Ray playing capabilities, the PS3 has generally been more expensive than the competition. The Wii sells for $150 in a bundle with Mario Kart, while the base Xbox 360 sells for $200 or $300 with Kinect. The price cut will make the PS3 more competitive with the lowest-priced Xbox 360 bundle.

The announcement was made during Sony's press conference at GamesCom in Germany today, where it also announced a new budget model of the PSP, called the E-1000. This model goes for £99, lacks Wi-Fi support, and is only available to the European market. It came as surprise since Sony's PSP successor the PS Vita is already waiting in the wings.

[via TechCrunch]