PS3 2011 Price Drop

PS3 2011 Price Drop

Sony is dropping the price of the PlayStation 3, in hopes to help the console reach a wider audience.

The current base model now costs $250. The upgraded system with twice the storage space is $300. Sony is cutting the price by $50. Which is nearly the price of a new game.

The president and CEO of Sony, said in a statement. "The new price will make the PS3 more accessible than ever before."

Sony cut prices of the PS3 in 2009 when it came out with the slimmer model.

Sony is gearing up for the up coming release of the PlayStation Vita, a portable gaming console. It will compete with smartphones and have downloaded games, touchscreen, and 3G cellular data. Pricing for the PlayStation Vita starts at $250.

Analyst foresee this price drop as a normal part of a console's life cycle.

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