In order to boost sales of the Playstation 3 and maintain its existence in the console gaming market for 5 years, Sony Corp. cut the price of this new gadget. Sony cut the price of the Playstation 3 to 17% to 249 U.S. dollars.
Sony cut its 50 dollars from the initial price PlayStation 3 to compete with its competitors. Price-cutting policy was issued shortly after the competitor, Nintendo Co.., Do the same. Nintendo was forced to lower the price of new device for 3DS because of bad sales on last quarter.
"It's no secret, the Playstation was struggling to compete with Microsoft's Xbox 360 in North America, though still dominate the European market," said analysts at Electronic Entertainment Design and Research, Jesse Divnich.
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