On Thursday, Microsoft confirmed weeks of speculation by formally announcing a $100 price drop of its Elite model Xbox 360 console, now set at the competitive $299 price point.
"With the holiday season right around the corner, it's already time to start looking for entertainment and gifts that everyone will enjoy," said Shane Kim, corporate vice president of strategy and business development for the Interactive Entertainment Business at Microsoft Corp. "If you’re looking for deep experiences that don’t require deep pockets, now is the time to purchase an Xbox 360."
The newly discounted Elite, which packs a 120 GB hard drive, will replace the company's standard 60 GB Xbox 360 Pro model, which itself will enjoy a $50 price cut (to $249) while supplies last. Microsoft will continue to sell the budget-minded but feature-lite Xbox 360 Arcade model alongside the Elite at its current price of $199.
The pricing restructure comes just weeks after Sony dropped the price of its newly redesigned Playstation 3 console. With Microsoft's cut, both the Xbox 360 Elite and the Playstation 3 Slim now share a $299 price tag, setting up a toe-to-toe battle over the all-important Q4 holiday season.
Your turn, Nintendo.
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