No price drop for you! – Sony president

Posted by Humphrey Cheung

Tokyo (Japan) – Sony’s President Ryoji Chubachi has quashed Internet rumors about an upcoming $100 price drop for the PlayStation 3 console.  Chubachi told Reuters that the company has “no immediate plans” of reducing the PS3 price.

Several gaming websites including GameDaily and Kotoku have reported that Circuit City and other stores planned on dropping the PS3 price to $499 on July 12th.  This move would have coincided with the E3 game convention which is due to start next week in Santa Monica California.

Game analysts believe that Sony will eventually have to drop the PS3 price to pep up demand.  Even at the current $599 price, Sony loses money on each PS3 console sold.  Game console makers earn the difference through long-term game sales and licensing agreements.