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.
The brand is strong with this one. Only the price is holding them back.
Also, it seems that there are parts of the world that are always one generation behind, but will follow suit regardless.
When we begin to get into the PS5, they will move from their PS3s to PS4s as the pricing changes.