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article imageSony Slashes Price of PlayStation 3, Introduces $399 40GB Model

By David Silverberg     Oct 18, 2007 in Technology
The gaming console war just got more intense today, as Sony announced a $100 price drop of its 80GB PlayStation 3 model and introduced a more affordable 40GB version.
Digital Journal — Beginning Nov. 2, the new 40GB version will be priced at $399, comparable to Microsoft’s popular Xbox 360. This PS3 won’t be backwards compatible with older games, but will come bundled with a Blu-ray DVD of Spider-Man 3.
A less surprising move was cutting the price of its signature PS3 by $100, which has been criticized for its high cost. Now retailing for $499, the 80GB PS3 will win more fans because of affordability and an expanding game library. The holiday season will see the arrival of games such as Heavenly Sword, Call of Duty 4 and RockBand.
Jack Tretton, President and CEO of Sony Computer Entertainment America, said in a press release:
We're pleased to offer the consumer a lower price point without sacrificing the core technology components that make PS3 the most advanced high-definition entertainment system available. Every PS3 comes with a Blu-ray drive, HDMI output, an integrated Wi-Fi connection, Cell Broadband Engine and a built-in hard-drive.Sony needs this news to travel fast, especially since its PS3 is ranked third in console sales. According to research firm NPD, in the U.S. the Xbox 360, which was released in November 2005, has sold 6.3 million units, compared with 4 million units for the year-old Nintendo Wii. The PS3, also a year old, has sold 1.75 million units.
Industry insiders predict the price cut and the 40GB model will help boost Sony’s chances in trumping its competitors. Bill Pidgeon, an analyst at IDC, told the San Francisco Chronicle:
[The price cut], combined with more and better exclusives coming now and into 2008, will have a real impact on the PS3's performance. It's more than just the price cut. People who were considering buying the PS3 were put off by the lack of a strong and deep library, but now the games are starting to look better, too.
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