Wedbush Morgan analyst Michael Pachter spoke with GamesIndustry International. He expects Sony to drop the price of the PlayStation 3 to $199 on Thursday February 21. This is the day after Sony is expected to unveil the PlayStation 4 in an event in New York City.

Pachter also expects Microsoft to follow suit by this year's E3 in dropping the price of the Xbox 360.

Sony announced earlier today that it is cutting the price of its handheld, the PlayStation Vita, on February 28th in Japan. The price for both the WiFi and 3G will both be priced at 19,980 Yen.

Wouldn't be surprised if true.

So the meeting won't be about the PS4 and now it won't be about a price cut... I wonder what it could be?

i honestly think thats a stupid idea, PS3 is selling relatively well, they just released the new super slim last octobor so they probably have a huge profit margin on the console. keep its price up, profit as much as possible from it until E3, then cut the price then so sales will get higher for the second half of the year. they got GoW incoming, that will help sales stay high and make them a lot of money. no need to cut their profits now specially when sony as a whole is still trying to make profit

FFvs13 reveal :D

So Sony wants to lose more money cutting their margins? It's not financially savvy.

if thats true, then its time to get a PS3!....again.

i'm expecting the price drop at E3

I wouldn't announce a price cut till announcing the price of the Ps4. "Ps4 will be $400 at launch... and the Ps3 will be half that next week"

I wouldn't cut it.

Looking back at the Vita launch, cutting the PSP price was a really bad mistake. The PSP being so much cheaper has cut into Vita sales, especially in Japan. What if Christmas comes around and people are passing on the PS4 in order to get a PS3, which would be a much better value with a HUGE library?