This Just In - Lower Prices For Xbox 360 Announced

Microsoft confirmed the rumors that have been rumbling through the gaming community when they officially announced a $50 price drop for the Xbox 360.

The new reduced suggested retail price, which goes into effect tomorrow (August 8), will affect all versions of the 360. That drops the price of the standard 360 to $349.99. For those looking for the ultimate value and the freedom to customize their console as they see fit, Xbox 360 Core System now has an ERP of $279.99. The Xbox 360 Elite, equipped with a 120GB hard drive, will be priced at $449.99.

In making the announcement, Mitch Koch, corporate vice president, Global Retail Sales and Marketing Group, Entertainment and Devices Division at Microsoft said "The fact that we have been able to keep our launch price longer than any other console while retaining our leadership position demonstrates that consumers believe in the value of Xbox 360". While that may be the case, there is no denying that the new price could also be viewed as a response to Sony's July move, which reduced the price of its PS3 with a 60GB hard-disk drive to $499, and launched a new model with an 80GB hard-disk drive, for $599.

-J. McKinney