PS2 price cut on the horizon?

The price on Sony's Playstation 2 console is expected to drop from $149 to $129 before the end of the month, reports Reuters. The PS2 saw its last price cut, from $179 to $149, in June of 2004. The cut comes as a measure to boost lagging sales of the current-gen console as many gamers wait for the November release of the PS3.

"Our industry checks indicate that Sony is planning to cut the PS2 price to $129 from the current $149 before the end of this month," said Lazard Capital Markets analyst Colin Sebastian. "Hardware price cuts are necessary not only to drive demand at the end of a console cycle, but also to bring the current-generation consoles within reach of more value-oriented customers,"