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Oct. 8, 2015 / 2:06 PM / Updated Oct. 8, 2015 at 4:28 PM

Sony cuts Playstation 4 price by $50 ahead of Christmas

Sony's Playstation 4 will be receiving its first price cut the company announced Thursday. The PS4 will now cost $349. Photo courtesy of Playstation/Instagram.

1 of 3 | Sony's Playstation 4 will be receiving its first price cut the company announced Thursday. The PS4 will now cost $349. Photo courtesy of Playstation/Instagram.

SANTA MONICA, Calif., Oct. 8 (UPI) -- Sony will be implementing its first national price cut on its popular Playstation 4, the company announced Thursday.

The $50 reduction, which will begin Oct. 9, comes nearly two years after the tech-giant launched the PS4 in North America on Nov.15, 2013 for $399. The reduction will bring down the consoles cost to $349.

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"Our goal at PlayStation has always been to provide the best gameplay experiences at the best value, and we feel this new compelling price will open the doors to even more gamers that have yet to purchase a system," Sony said on their Playstation Blog.

Back in September, Sony announced a price drop for the system in Japan during the Tokyo Game Show leading many to believe that a price cut was on the way stateside.

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While the new price-point applies to the standard 500 GB model, the company also confirmed that a price reduction would be applied to all upcoming PS4 holiday bundles including limited edition consoles that include Call of Duty: Black Ops 3 and Star Wars Battlefront among others.

The full list includes:

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Uncharted: The Nathan Drake Collection PS4 Bundle (500 GB HDD) – $349; launches Oct. 9

Limited Edition Call of Duty: Black Ops 3 PS4 Bundle (1 TB HDD) – $429; launches Nov. 6

Limited Edition Disney Infinity 3.0: Star Wars PS4 Bundle (500 GB HDD) – $399; launches Nov. 13

Limited Edition Star Wars Battlefront PS4 Bundle (500 GB HDD) – $399; launches Nov. 17

Star Wars Battlefront PS4 Bundle (500 GB HDD) – $349; launches Nov. 17

Sony's announcement now means that the PS4 will match the price of Microsoft's Xbox One as the two competitors prepare to do battle this holiday season. Microsoft permanently dropped the price of their Xbox One console in June to $349 and introduced a 1 TB model at $399.

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