Microsoft lowers Xbox 360 Elite price to $299

PHYSICAL: Mid-range Pro model also cut, by $50

By Samantha Clark -- Video Business, 8/27/2009

AUG. 27 | PHYSICAL: Following Sony’s price drop of the PlayStation 3 console, Microsoft has trimmed the price of its high-end Xbox 360 Elite model to $299.99, a cut of $100.

Microsoft also has cut $50 off its Xbox 360 Pro console, to $249.99. The Xbox 360 Arcade starts at $199.99.

The Xbox 360 Elite has a 120GB hard drive for storing movie and TV downloads, as well as game saving. The Pro has a 60GB hard drive, and the Arcade has a 256MB hard drive.

Sony’s new PlayStation Slim version of the PlayStation 3 console has a 120GB hard drive for the same $299 price tag. The Slim will be on sale starting Sept. 1.

Both consoles offer Web-based movie and TV downloads. Microsoft’s Xbox Live also offers streamed content from Netflix.

Although it’s the oldest of the next-generation consoles and despite revenue drops in the videogame industry because of the recession, the Xbox 360 is still popular. The console sold 202,900 units in July, the only game unit to show a year-to-date increase.

The Nintendo Wii sold 252,500 units and the Blu-ray-enabled PlayStation 3 sold 121,800.