Sony Corp. slashed the price of the PlayStation 3 around the world in a move that analysts said is likely to boost sales of the game console while not adding much to its money-losing earnings. The Japanese electronics maker introduced a revamped, slimmer version of the PlayStation 3 Wednesday, raising its hard drive to 120 gigabytes from 80, and lowering the price by about $100 worldwide. Sony cut the price of the current model to the same price as the new model - $299 in the US from $399, and in Europe to 299 euros from 399 euros, but kept it unchanged in Japan at 39,980 yen ($420). Shawn Layden, president of Sony Computer Entertainment Japan, the company's gaming unit, told reporters the new model will go on sale in Japan Sept. 3 for a lower price of 29,980 yen ($315). Sales of video games and consoles have been hit by the global slowdown, and speculation had been rife about a PlayStation 3 price cut. The price reduction is coming ahead of the critical year-end shopping season, when game makers rake in most of their sales for the year. Hirokazu Hamamura, gaming expert and president of Enterbrain in Tokyo, which publishes game magazines, expects fans to welcome what he sees as a solid price cut coming well ahead of the holidays. “Sony is returning to basics to communicate the fun of the PS3, and so you can feel a sense of crisis and a determination to turn things around,” he said. “Sony is up against Microsoft gaining market share in the US and Europe, and the Wii, which has been such a big hit.”
