Sony cuts price of PlayStation 3
New York - Sony says it is cutting the price of its PlayStation 3 gaming console by $50 in an attempt to drum up demand for the 5-year-old video game console.
It's now $249, down 17%.
The last time Sony Corp lowered the price of the PlayStation 3 was in 2009.
The price cut announced on Tuesday comes less than a month after rival Nintendo Co cut the price of its handheld Nintendo 3DS player.
The 3DS launched with much fanfare but lost sales momentum. That device lets players view 3D games and videos without special glasses.
But the value of 3D is not apparent to everyone. The iPhone and other smartphones are also competing with handheld gaming devices.
Sony is launching its handheld PlayStation Vita in the US early in 2012.