Sony cuts price of PlayStation 4 to $349.99 in US

Sony Corp. said on Thursday that it is cutting the PlayStation 4 prices in the US and Canada. The move has been taken to further push the sales of the popular videogame console. From Friday onwards, PlayStation 4 will be available for $349.99 in the US and C$429.99 in Canada. Presently they are sold for $399.99 and C$449.99, respectively.

A spokesman at Sony Computer Entertainment Inc., the group’s videogame arm, said that the aim of cutting the prices at this time is to fuel momentum of PlayStation 4 toward the end of the year and holiday season.

The company has taken the move after it slashed the price of console in Japan by over 10% in the beginning of this month. The spokesman said that the company has nothing to say regarding its plan for Europe.

Yu Okazaki, an analyst at Nomura Securities, said, “This is good news because it shows cutting assembling cost of the console is going smoothly”. Although he noted that any big impact on Sony share price is not likely as the move was already expected by the investors. Furthermore, he mentioned that Sony is likely to introduce new European prices at a game show in Paris by the end of this month.

In the US, the new price will match the price of Microsoft Corp.’s Xbox One, which is among the main rivals of PlayStation 4.