Sony on Tuesday announced the price reduction of PlayStation 3 (PS3) five years after launching the game console to pull in a larger audience.

The Japan-based company will implement a new $250 price tag for the basic model and $300 for consumers who want double the storage memory – a $50 cut from each model.

Jack Tretton, President and CEO of Sony Computer Entertainment of America, said that PS3 is still gaining momentum as consumers lose interest on its rivals, and a lower price for the game console means better accessibility for consumers.

While game consoles usually last up to six years before phasing out, analysts believe that new game technologies like motion-detection peripherals – Sony’s PlayStation Move for example –can extend the cycle of consoles.

Sony is currently working on a new portable game console called the PlayStation Vita, an upgrade to the company’s popular PlayStation Portable (PSP).

As more mobile device owners use their smartphones as a gaming platform of choice, the PlayStation Vita will compete with its 3G connectivity, touchscreen display and downloadable games for only $300, while the model devoid of 3G will cost $250.

About Francis Rey Balolong

A coffee junkie who spends most of his time writing about the latest news on social media and mobile technology. I would definitely consider myself a nerd (in the coolest most hipster way possible). That being said, I love technology, music, writing, and all things mobile. Follow me: Google+ Twitter

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