Microsoft eyeing Xbox 360 price cut

Posted by Humphrey Cheung

Santa Monica (CA) – Microsoft executives want to cut the Xbox 360’s price in order to better compete with the cheaper Nintendo Wii console.  Shane Kim, vice president of Microsoft Game Studios, told Bloomberg reporters that the console’s price will probably be reduced from its current price range of $299 to $479 dollars (depending on the model you buy).

Kim did not specify when the price reduction will happen, nor did he specify a new price, but he did say that it will not happen during this week’s E3 summit in Santa Monica California.

The Nintendo Wii has been outselling both the Xbox 360 and the PlayStation 3 consoles, partly because of its cheaper $249 price.  At a separate press briefing this week, Sony announced that it will cut the PlayStation 3 price by $100 in order to attract more gamers.

The Xbox 360 has sold approximately 11.6 million units since its November 2005 launch.