Microsoft is slashing the price of the high-end Xbox 360 console by $100, matching Sony’s $100 price cut for the PlayStation 3 last week.<\/p>\n
Now, both the Xbox 360 Elite and the PS3 will cost $299. The price cuts in both cases are worldwide, though the exact amounts vary by region depending on currencies.<\/p>\n
Microsoft, which has had three versions of its Xbox 360 available at three different prices, also was to announce Thursday it is phasing out the mid-range, Pro, version of the console. It will be available for $249, down from $299, while supplies last.<\/p>\n
The cheapest Xbox, the Arcade, which comes without a hard drive, will still cost $199.<\/p>\n
The price cuts are effective Friday, said David Dennis, a spokesman for Microsoft.<\/p>\n
Video game companies hope the price cuts will re-ignite sales in time for the holiday rush. For the bulk of this year, the industry has suffered from weak sales – hurt by the recession and lackluster game release schedules, which have kept consumers waiting to spend money on new titles.<\/p>\n
The announcement from Microsoft leaves only Nintendo Co. without a price cut for the fall, at least for now. The Wii has cost $250 since its launch nearly three years ago.<\/p>\n
Redmond, Washington-based Microsoft has sold more than 31.4 million of the Xbox 360 machines globally, compared with 23.7 million PS3 machines sold by Sony Corp. and 52.6 million Wiis.<\/p>\n