No PS3 price cut planned

Sony is not planning to cut the price of the PlayStation 3 anytime soon, according to the company's UK managing director Fergal Gara.

Usually when a new console is announced the current one can expect a price drop of some kind to keep sales flowing.

However Gara said there is no reduction coming on the short term.

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

"We continue to look at opportunities, there may or may not be any more, I genuinely can't answer that.

"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."