Los Angeles: Japanese electronics major Sony has cut the price of its video game console PlayStation 2 to $129. It was till now costing $149.The price cut is seen as a move to up the ante ahead of the launch of Sony’s PlayStation 3, which is expected to hit the stands in November this year.

Recently Sony had cut the price of PlayStation Portable handheld console.

Analysts expect Sony to unravel the much awaited PlayStation 3 console at the video game industry trade show E3, which is to be held in May this year.

Sony has sold more than 101 million units of PlayStation 2 and is a clear leader in the market followed by Microsoft, which sold 24 million of its Xbox units and Nitendo which sold 21 million units of its GameCube.

In the biggest and most lucrative market of US, Sony has a market share of more than 50 per cent. In this backdrop, the launch of PlayStation 3 is eagerly awaited.

Sony is yet to announce the pricing or exact date of PlayStation 3 launch. Sony Computer Entertainment’s US division president and chief executive Kaz Hirai said the firm has long-term plans vis-à-vis PlayStation.

It was in November 2005 that the last major launch in this segment came – Microsoft launched its Xbox 360 then.

The world’s largest software maker said though the Xbox 360 shipments were not up to expectations, it would achieve the targeted 5.5 million units by June 2006.

Sony has been very secretive about PlayStation 3, though it had showcased non-playable versions in the Las Vegas Consumer Electronics Show in January, 2006.

But Sony and even Nitendo may come up with playable versions of its consoles at the E3 to be held in Los Angeles, according to industry watchers.