MONDAY, July 14, (News Locale) - Microsoft has decided to reduce the price of the 20 GB model of its flagship games console the Xbox 360. The price reduction of $50 means the 20 GB Xbox 360 now costs $299 from the earlier $349. 

Microsoft is also deciding to focus on the 60 GB model of Xbox 360 and will phase out the 20 GB version at the earliest. What this means is the 20 GB model will be available only till stocks last out and Redmond will not be manufacturing any new units.

Microsoft's announcement of the 60GB Xbox 360 at a price of $360 signals its intent to get ready for what could be a grueling holiday season for console makers.

The pricing details of Xbox Elite and Xbox 360 Arcade remain unchanged at $ 280 and $ 450 respectively.

Rival Sony immediately revealed it would not follow suit and reduce the price of PlayStation 3 although analysts are predicting a price cull for the PS3 sooner rather than later. Sony is insisting it wants to focus on profitability rather than selling a high number of units.

Nintendo Wii is the least priced of the three consoles. Microsoft's announcement of a new Xbox 360 model and price cut of the older version came days before the E3 in Los Angeles. No major announcements are planned at the Expo although Redmond is expected to announce a tie-up with Netflix for streaming movie downloads on the Xbox.

Latest data from the National Purchase Diary (NPD) indicate 209,000 units of PlayStation 3 (PS3s) were shipped last month as compared to just 187,000 units of Xbox 360.

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