Sony has no plans for PS3 price cut

With the PlayStation 4 on the horizon, some gamers may have expected Sony to announce a price cut for the aging PlayStation 3. Such a measure is not happening, at least not yet, according to United Kingdom PlayStation marketing director Fergal Gara.

"There's no plans as yet," Gara told GamesIndustry International. "The PlayStation 3 is a system where it hasn't been particularly easy to get the costs down."

Gara explained that Sony is examining opportunities for a price cut, but whatever the case, he believes the console will appeal to consumers as an "entry level" machine in the years to come.

"We continue to look at opportunities, there may or may not be any more, I genuinely can't answer to that," he continued. "But it will certainly be a more keenly priced machine in relative to PlayStation 4. It will sit there as a viable entry level machine for years to come. It will be different by territory as to how long its life is. There's still a lot of love for PS3."

The PS3 currently retails for $300, while the PS4 will begin at $400 later this year. Sony will launch a special Grand Theft Auto V PS3 bundle when the game launches on September 17.