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[techguru]

PlayStation fans can take heart! Sony has announced that effective immediately its PlayStation 2 video game console will retail for $129, down from $149. As regards the much-awaited PlayStation 3 slated for a November release, Sony has remained incommunicado as to the pricing.

Industry analysts are of the opinion that the price cut is mainly to help fuel demand for PSP, ahead of the expected release of Sony's PS3. Apparently Sony intends to back-up this initiative with a comprehensive marketing plan.

PlayStation 2 was first introduced in 2000, and has since shipped more than 101 million units. Inspite of the release of Microsoft Corp's Xbox 360 last year, PS2 continues to rule over the interactive game console market. According to Sony, approximately one billion games have been sold so far for the PS2.

Kaz Hirai, president and chief executive officer, Sony, said, "While we continue to innovate and design ground-breaking new products, we remain dedicated to our long-term vision for the PlayStation 2 platform."

For the gaming industry which is reeling under a steady decline in revenues, the PS2 price drop would prove to be a useful measure. Though - how the likes of Microsoft react to this move remains to be seen...