Microsoft confirms XBox 360 Price Cut

The industry had seen it coming months in advance, but Microsoft has finally made it official: the 20GB XBox 360 gaming console will be available for $299. This $50 price cut will continue as long as supplies of the product last. Microsoft is currently lagging behind rivals Nintendo and Sony in terms of sales.

This deal is exclusive to North America. Microsoft will also be releasing a 60GB version of its product this August which will be priced at $349. The other models of the product remain unchanged: the one lacking any form of hard drive will still be $279 while those hungry for more storage space and willing to splurge can opt for a $449 120 GB Elite version.

Microsoft is not limiting its strategy to the pricing and product front. It is also unveiling an array of services to gain ground in the home entertainment sector. Its deal with Netflix looks promising as it will allow the streaming of video content through the XBox console. Microsoft is also focusing on the content options associated with its highly vaunted XBox Live download service.