Sony Computer Entertainment slashes the value for 160-gigabyte PS3 from $299 to $249 in North America and from 299 Euros to 249 Euros in Europe, according to its statement.
Beginning Thursday, the company will as well lower the value in Japan, from 29,980 yen to 24,980, while cutting some 14 percent off the costs of a 320-gigabyte PS3 in the three leading markets.
Sony’s move came after its rival Nintendo slashed the value of its slow-selling 3DS handheld console, released in February, by about 40% to 15,000 yen from August 11 in Japan.
Nintendo has said the same cuts will follow in foreign markets by September as it looks to revive the fortunes of the first video game console of the world with a 3-D screen that works without special glasses.
The move has been seen to urge sales of the handheld console, which analysts say in turn, might have encouraged Sony’s choice to slash the value of its PS3.
From August 8-14, the company sold 214,821 units of 3DS in Japan, the second biggest weekly sales figure since the week of its launch in February, according to the information released by game magazine publisher Enterbrain Inc.
Over 50 million PS3 throughout the world had already been sold by Sony, expanding the portfolio of games and video content on its PlayStation Network to over 60,000 titles.
Its PlayStation online gaming network was hit by a cyber attack that compromised the personal data of millions of accounts.
Nintendo shares were up with 2.4 percent at 11,980 yen in Osaka trade Wednesday. Sony shares were off 2.64 percent at 1,655 yen in Tokyo.