No PS3 Holiday Price Cut, Sony Exec Admits
The least-expensive PS3 sells for $399, which is twice the price of the cheapest Xbox 360.
A Sony executive says the company doesn't plan to cut prices for the PlayStation 3 video-game console before Christmas, despite Microsoft's recent move to slash prices for the Xbox 360 by as much as 30%.
Kazuo Hirai, president and group chief executive of Sony Computer Entertainment, told the Financial Times in Tokyo that the PS3 is already a far better value than rivals half its prices.
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"The answer is yes, if you're asking, 'Are these the prices we're going with this Christmas?'" Hirai said in an interview with the newspaper.
The least-expensive PS3 sells for $399, which is twice the price of the cheapest Xbox 360. Microsoft in September cut the price of the Xbox 360 Arcade nearly 30%, to $199 from $279. In gearing up for the holiday-buying season, Microsoft also dropped the price of the basic Xbox 360 model, which features a 60-GB hard drive, to $299 from $349; and lowered the price of the Xbox 360 Elite, which includes a 120-GB hard drive, to $399 from $449.
Along with the Xbox, the PS3 also competes with Nintendo's Wii console, which sells for $250.
The Christmas season accounts for a major portion of retailers' annual sales, and the video-game industry is no exception. Sony is apparently banking that people will be willing to pay more for the PS3, which is arguably a more sophisticated console than its rivals.
Hirai pointed out that the low-end Xbox 360 has no hard drive, and the PS3 has a built-in player for high-definition Blu-ray movies. "When you really compare apples to apples, then I think we have a very good value proposition," he told the Financial Times.