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It costs SCE less than $50 to bundle a game with the base SKU.

It becomes a details oriented shaving of costs, but there's a cost savings involved by eliminating a retail/hard copy of the game and simply including a PSN download code.

There's a cost savings involved depending upon which game is being bundled. A new release like Star Wars Battlefront costs more than an older release like TLoU, which is even cheaper to SCE, being that it's not a third party release.

At any rate, cutting a PSN download code voucher doesn't knock $50 off the production cost of a PS4, so if SCE offered a core/base SKU at a $50 MSRP reduction, they would be losing more money, or perhaps more accurately, they would be cutting their small profit margin on every unit sold.

Of course if SCE wants to do that anyway so there aren't any $349 base/core SKUs cluttering up warehouses and stockrooms, it would be understandable although at this point, it's hardly necessary for them to try and saturate the market as much as possible given that they are already in a very comfortable position as far as unit sales rates go.