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Sony Announces Price Drop for the PlayStation 3

Sony yesterday announced that, effective immediately, it is cutting the price of the PS3 by $50. The price cut, unveiled at Sony's Gamescom 2011 keynote, means the 160GB PS3 will now retail for $249.99 in the U.S., €249.99 in Europe and ¥24,980 in Japan. The 320GB model is now going for $299. Sony's Jack Tretton commented on the price cut on the official PlayStation blog and attributed it to the console's ability to maintain momentum:

"While others in the space are losing steam, PlayStation 3 is gaining momentum and giving gamers everywhere more of what they want: an unparalleled line-up of exclusive games and access to the best in sports, movies and TV, all at a great value," he wrote. "The new price will make the PS3 more accessible than ever before, so there’s never been a better time to join PlayStation Nation. We know that while future-proof technology is important to you, content is still king — that’s why we continue to focus on bringing you exclusive “must have” titles that are unmatched by anything else on the market."

Tretton also announced a new bundle for fans hoping to take advantage of the new pricing. For a limited time only, you can grab an inFAMOUS 2 bundle that retails for $299 and includes a 320 GB PlayStation 3, a copy of inFAMOUS 2 and a 30-day membership to PlayStation Plus.

Sony's PlayStation 3 console was launched five years ago, in November of 2006. The 60GB model debuted at $599.