Facing stiff competition from Sony, Microsoft is planning to lower the price of its Xbox 360 to increase sales.

The midprice version of  the Xbox 360 pro game console is expected to come down from $349 to $299. The lower price will probably be announced by Sunday, prior to next week’s commencement of the E3 conference in Los Angeles, a platform for the video game industry to showcase new products.

According to National Purchase Diary (NPD), retailers shifted 209,000 Play Station 3s (PS3s) last month, compared to just 187,000 Xbox 360s. Both Sony and Microsoft are aiming at delivering sophisticated graphics, and are targeting hard-core online gamers. X

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