This week, PlayStation Korea rolled out price cuts for the PS4 and PS4 Pro for a limited time only. Folks have lined up in droves.

The PlayStation 4 launched in South Korea on December 17, 2013.

The PS4 Pro is originally 498,000 South Korean Won ($444), but it’s marked down to 348,000 KRW ($311), while the 378,000 KRW ($337) PlayStation 4 is 248,000 KRW ($221). The PSVR is also on sale, priced at 298,000 KRW ($266) from 448,000 KRW ($400).

https://kotaku.com/massive-lines-in-south-korea-for-the-playstation-4-1832045873

The price drops have begun!

Jeez, those are some launch-type crowds.

PS4, where every price cut is Black Friday.

Is this a holiday in South Korea, or just a random promotion?

This makes no sense. This is a temporary promotion and not even as good as the BF PS4 deal. Japan and many EU countries had temporary promotions already. These Asian counties like Taiwan and SK didn't get their promotions yet and there getting them now. And the response has been mega. 

If they don't want to be massively down year over year they need to do a price cut.

This is crazy to see. Big price reductions, but we're now in the 6th year of the platform being out. I would expect price cuts to help, but not create a craze like this.

That being said, the install base of consoles that are not handheld have been VERY bad in SK ever since they actually started coming over around 2003.
And the PS4 hasn't drawn this much interest in South Korea at LAUNCH DAY. So... Good.

I don't think this is true at all. The PS2 and Wii both did over 1m in SK, while most handhelds were unable to break 1m.

As for the topic:

PS4 dominance in South Korea eh. I feel like this an experiment from Sony. They want to see just how much interest a large price cut would make, and SK is the perfect country to test it.