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.

Jane McEntegart works in marketing communications at Intel and was previously Manager of Content Marketing at ASUS North America. Before that, she worked for more than seven years at Tom's Guide and Tom's Hardware, holding such roles as Contributing Editor and Senior News Editor and writing about everything from smartphones to tablets and games consoles.