Sony Cuts Price on PS3 Development Kits

Sony on Monday cut the price of the PS3 development kit by 50 percent in an effort to encourage more games.

PlayStation 3 development kits will now cost US$10,250 in North America, 950,000 yen ($8,600) in Japan, and 7,500 euros ($11,250) in Europe as Sony further attempts to enliven interest in the struggling console.

Last month, Sony dropped the price of the 80GB PS3 to $499 while introducing a 40GB PS3 for $399.

"Although its predecessor the PlayStation 2 dominated the gaming market, the PS3 has struggled against the Nintendo's Wii," reports the Associated Press. "Boosting PS3 sales is crucial for Sony's overall business strategy because it also supports the Blu-ray disc next-generation video, which is vying with the rival HD-DVD format."