PS4 Prices Slashed In Line With Xbox

(RTTNews) - Japanese tech giant Sony Corp. (SNE) has cut the price of the PlayStation 4 video game console by $50, as it gears up for the important holiday season.

The price cut of the PS4 puts the console at the same price as rival Microsoft Corp.'s Xbox One. The price change is effective Friday.

Sony Computer Entertainment America LLC or SCEA said it has trimmed the price of PS4 in the U.S. to $349.99 from $399.99. In Canada, the price of the PS4 system will be reduced to C$429.99 from C$449.99.

Shawn Layden, president and CEO of SCEA said, "We're continuing to deliver on that commitment with this new price for PS4, making the console even more accessible to a broader audience this holiday. With highly anticipated games like Call of Duty: Black Ops III and Star Wars Battlefront launching soon and blockbuster exclusives like UNCHARTED 4: A Thief's End on the horizon, there has never been a better time to join the PS4 community."

In mid-September, Sony had slashed the price of the PS4 in Japan to 34,980 yen from 39,980 yen, effective October 1.

The price cuts by Sony adds pressure on Microsoft, whose sales of Xbox One lag behind that of PS4. In August, Microsoft had said Xbox One sales in the U.S. increased by 26 percent in the month from the same period last year.