Reuters reports on analysts’ predictions that Sony is likely to cut PlayStation2 prices soon. According to Lazard Capital Markets, it foresees a 13.4% price cut from US$ 149 to US$ 129 within the month, in anticipation of a November release of the much-awaited upgrade in Sony’s console line, the PlayStation3.
In the past, such price cuts have helped reignite stagnating console and game sales. The video game industry is currently suffering through a rocky transition to next-generation console technology that has stalled sales.
“Hardware price cuts are necessary not only to drive demand at the end of a console cycle, but also to bring the current-generation consoles within reach of more value-oriented customers,”
Microsoft is also reportedly planning to cut prices of its first-generation Xbox console, which has since been replaced by the latest Xbox 360. However, the price cut is not related to the PS3’s impending release, but because of dwindling Xbox 360 supply.