Electronics giant Sony Corp said on February 18, 2013, that it is slashing the price of its hand-held PlayStation Vita console in the Japanese market. The prices will be down by as much as one-third, following stiff competition by various online games.


Sony said that its 3G – Wi-Fi model will sell for 19,980 yen from later in February 2013. This price has come down from the original amount of 29,980 yen. The Wi-Fi model of the device has also reduced to 19,980 yen, from the current 24,980 yen. Earlier this month, the company had warned of slow sales for the Vita. On February 18, 2013, the gaming company said that the recent price cut was designed to make the platform more accessible than ever and will also appeal to wider audiences.

The rates have also been cut for audiences who were looking for a model that was best suited for their own game play style. For around four years, the company has been running under the red line and now it is looking forward to return to profit.

Later this year, Sony is expected to announce the new version of its popular PlayStation game console. Even Microsoft is expected to unveil newer versions of its console.