Sony slashes PS3 prices

Sony has reignited the games console wars by reducing the price of its flagship console the PlayStation 3 (PS3). The PS3 now costs £249.99 in the UK, down from £299.99. Prices have also been cut in Europe, where the PS3 now costs 299 euros, and in America, where it costs $299. Sony has also announced the launch of a new lighter, slimmer PS3, which goes on sale on 1 September. Kazuo Hirai, the president and group chief executive of Sony Computer Entertainment, made the announcement ahead of the inaugural Gamescom convention in Cologne, Germany. "In 2004 we launched a slim version of PlayStation 2, a defining moment for that console, helping us to expand the user base of PlayStation further. Today is that day for PlayStation 3." The PS3's hefty price tag has been seen as one of the reasons for sluggish sales. Sony's PS3 has sold 23.7 million units worldwide since it launched in 2006, over 100 million fewer than its predecessor, the PlayStation 2. Industry analyst Singer Capital Markets said that more than 80 per cent of PS2 sales came after its price was cut to £169 in 2002, two years after it launched. Both the PS3's main rivals are significantly cheaper. Microsoft's Xbox 360 costs £149 and the Nintendo Wii sells for £169. Sony also announced it would be expanding its catch-up TV service, which is delivered through the PlayStation network, to let PS3 and PlayStation Portable (PSP) users rent and buy movies. The film-rental scheme starts in November. In a separate move, Sony UK is introducing a television trade-in scheme that lets participating Sony stockists offer a £150 discount on new Sony Bravia models when people trade in their old TV sets. Tell us what you think of the new Web User beta website!