E3 Summit: Sony Cuts PS3 Price, Intros 80 GB Unit

On the eve of this week’s newly named E3 Media & Business Summit in Santa Monica, Calif., Sony said it will cut the suggested price of its PlayStation 3 by $100, bringing its 60 GB unit down to the $500 level. The price cut is designed to better compete with the lower-priced Nintendo’s Wii and Microsoft Xbox 360. PS3 comes with an internal Blu-ray Disc drive.

At the same time, Sony said it plans to soon ship a high-capacity 80 GB PS3 console that will be available in Asia later this month and in North America in August. The 80 GB hard disc will be better-suited for storing lots of HD content, as well as more games, Sony said.

Sony plans to offer an increasing amount of HD and other content chiefly through PS3 online downloads, but won’t provide details yet.