I don't think they lose by far as much money on each console as was reported around release (estimations within the $250 ball-park). The PS2 cost $299 at release and went down to $199 with the first price cut, but that was 18 months after release.
On the other hand, they really need to drop the price ASAP, because as it is right now I bet developers are canceling games for the PS3 when they see that neither the games nor the console sells. And a game drought will just make the downward spiral worse and the console will never be able to recover.
A Bloomberg market analyst said that a drop to $500 won't cut it (don't remember the guy's name), it would just marginally increase sales. I sort of feel the same way. I can already see people say "nah, $500 is still a lotta cash for a game console...it's not even new and hot... I'll wait".
Sony has to be brave and drop it by $150 or $200, and I believe they will cuz I predict that Microsoft will drop the price of the X360 soon. So Sony simply will be forced to drop it, even if they lose even more money. Or else they will have to start developing the PS4.
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