UPDATE: GAMESCON: Sony unveils PS3 Slim and price drop

Three and a half years since it was first launched, Sony’s Play Station 3 is getting a makeover and a lower price. The new model is a third slimmer and lighter, thanks to manufacturing refinements and will ship with 120 gigabyte hard disk. It’ll be launched worldwide during the first week of September and will cost 299 dollars in the US, 299 euros in Europe and 29,800 yen in Japan. The new price is roughly half what it cost when it first launched in 2006 but does the price cut come too late? Critics have pointed to its high price as responsible for its lack of sales ever since it was launched. And now the gaming industry appears to be cooling. Year to date gaming sales in the US are down 14% according to industry estimates and the situation is not much different in other markets. Sony is packing some normal game functionality into the PS3 version 3 of the consuls firm out when it comes with a more graphical menu layout. It’ll also ship with access to online video portals from TV stations including the BBC, ZENTF, NOS and RTVE in Europe and Australia’s ABC. In Europe, the consul will also get the video delivery service that’s been available in the US for around the year. The service brings Hollywood movies and local content for rental or purchase in standard or high definition. In Tokyo, this is Martin Williams, IDG News Service.

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