N64 and PlayStation Now $99

Sony Computer Entertainment America announced on Monday that next week the price of its PlayStation system will be reduced to US$99. Sparked by Sony's announcement, Nintendo of America announced that its system, the Nintendo 64, will also lower its price to $99. The price drops will take effect on Monday the 23rd.

Previously, price reductions for the PlayStation and Nintendo 64 occurred only during sales at specific retail chains. These are the first official Sony- and Nintendo-directed $99 price drops. Currently, the systems retail for $129.

Industry insiders have expected the price reduction for quite some time now, as Sega will be launching its new Dreamcast system in the US on September 9. The Dreamcast will cost $199.

Sony has also announced a $150 million marketing blitz for the coming two-month period. Consisting of radio, TV, print, and cinema advertisements, the campaign will support the new reduced price, new software titles, and the PlayStation Greatest Hits line of software titles. Sega will be supporting the launch of its Dreamcast system with a $100 million marketing budget.