PS2 now $129.99

Following months of protestations that a price cut wasn't imminent, Sony shaves $20 off the cost of its current-gen console.

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In March at the PlayStation Business Briefing in Tokyo, Japan, Sony Computer Entertainment president Ken Kutaragi insisted that no price drop was planned for his company's popular console, the PlayStation 2. However, in the subsequent weeks, numerous Wall Street analysts cited retail sources as saying that a PS2 price drop from $149.99 to $129.99 was due shortly.

While many analyst predictions have turned out to be exaggerations, underestimates, or just plain wrong, they were spot-on in this case. Just over a month later, Sony has changed its mind.

This morning, the company announced it was indeed lowering the PS2's price to $129, effective immediately. "Now even more consumers, as well as casual gamers, can experience what the PlayStation 2 platform has to offer at a new value price," said Kaz Hirai, president and CEO of Sony Computer Entertainment America.

By Sony's estimates, the PS2 is currently the top console in the US, holding a 55.6 percent market share. The company also cited NPD Funworld figures as proof that the console had "70 percent lead over any other competitor when it comes to software titles available at market in March."

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