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Sony Price Cut For PS3 Proves To Be Effective

September 24, 2009

Sony Corp’s top PlayStation executive announced on Wednesday that sales of the popular PlayStation 3 video game console have spiked in the last few weeks after a $100 price cut was tagged to the device last month.

“We are up about 300 percent over where we were pre-price drop,” Jack Tretton, chief executive of Sony Computer Entertainment of America, said in an interview with Reuters. “We are up significantly versus last year.”

The sales jump represents consoles sold in the last three weeks, after Sony cut the price $100 of the PS3, compared with sales for the three weeks before the cut.  The PS3 sales have lagged behind Nintendo Co. Ltd’s Wii and Microsoft Corp’s Xbox 360. 

Microsoft dropped the price of its Xbox 360 Elite to $299 just a few days after Sony’s price cut.

Tretton said he expects the change in price, followed by a lineup of popular games due ahead of the Christmas holiday, to lift the entire video game industry.

“In a very difficult economy, I couldn’t be more optimistic about our fortunes for the rest of the year and for the future,” he said.

He said the higher demand for the PS3 could leave retailers out of stock.

“If things continue at this pace, it is conceivable that there will be product shortages,” Tretton said.

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